Vietnam-based fintech startup GIMO announced on Monday the completion of a Series A funding round with total capital raise of up to $17.1 million.
The final closing, comprised of a mixture of equity and debt financing, came only five months after the company secured $5.1 million in the first close.
The round is led by Southeast Asia-focused venture capital firm TNB Aura, with participation of existing investors Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.
New investors joining this round are global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent and Asia-focused private credit financier, AlteriQ Global.
GIMO said the investment will be utilized to fast-track its expansion plans and drive innovation across its product portfolio, including product development, customer success and strategic partnerships.
For product development, GIMO said it will allocate an unknown significant portion of the funds to bolster its research and development efforts.
The Hanoi-headquartered fintech firm said this investment will accelerate its product development, introducing more social impact initiatives, helping the underbanked workers to avoid debt traps and loan sharks while improving their financial well-being.
GIMO added it remains committed to providing unparalleled customer experiences.
An unknown portion of the investment will be dedicated to enhancing customer success and support initiatives, ensuring that users receive the best-in-class services from GIMO.
In terms of strategic partnerships, the startup said it will leverage the funding to forge strategic alliances with key partners and industry leaders. These partnerships will foster collaboration, create synergies, and launch new social impact initiatives.
“We are thrilled to announce the successful closing of our Series A funding round, which demonstrates the unwavering confidence and support we have received from investors,” GIMO co-founder and CEO Quan Nguyen said in the release.
“This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate,” he added.
Charles Wong, founding partner of Singaporean firm TNB Aura, echoed, “We look forward to working closely with the GIMO team in breaking down barriers to financial inclusion for millions of blue-collar workers across Vietnam.”
As for AlteriQ Global, one of the new investors, its managing partner Zhi Yong Heng said AlteriQ consistently strives to forge partnerships with top-tier business operators across industries and geographies.
GIMO provides flexible pay and financial well-being solutions for underbanked workers. The startup says it strives to better the financial lives of Vietnamese underbanked workers via a set of mobile-enabled financial solutions that starts with on-demand pay.
Currently, approximately 500,000 workers from nearly 100 businesses can get on-demand access to their earned wages with GIMO.
According to the statement, GIMO currently serves 500,000 workers from medium to large-sized multi-national manufacturing companies across Vietnam.