Vietnam’s on-demand salary access provider Gimo has raised $5.1 million in the first close of its Series A funding round led by Singaporean venture capital firm TNB Aura.
Other investment firms joining the round are returning investors namely Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator, the Vietnamese startup announced from its Hanoi headquarters Tuesday.
“The fresh capital will bolster our product innovation that appeals to the underserved workers and drive revenue growth. Our team has been incubating a suite of digital financial solutions and expect to launch in the months to come”, said Quan Nguyen, co-founder and CEO at Gimo.
In January, Gimo said it had raised $4.6 million in the Series A process. In 2021, the startup received a $1.9 million investment in a seed extension round and is currently in the process of raising debt capital.
Gimo provides on-demand payroll services for blue-collar workers and reported a 24x year-on-year revenue growth last year, together with an 11x year-on-year transaction volume increase, according to the firm.
TNB Auras’ co-founder and managing partner Charles Wong and Jennifer Ho from Integra Partners have been appointed as Gimo’s newest board of director members, as part of the Series A funding round.
In 2021, the year in which Gimo was formed, it procured $1.9 million in a seed-plus round backed by Integra Partners, also a Singaporean venture capital firm like TNB Aura.