BNPL Fintech firm Fundiin has secured $5 million in capital via a Series A round that was recently co-led by Trihill Capital and ThinkZone Ventures.
The funds from the investment round should assist Fundiin with expanding at a quicker pace and enter Indonesian markets in the foreseeable future.
With the capital injection, Fundiin can enhance its presence in Vietnam. The Asian Fintech firm will also aim to contribute to creating new products and attracting new talent before expanding further to Indonesia.
Nguyen Anh Cuong, CEO and co-founder of Fundiin, noted that the credit card penetration rate in Vietnam was mere 5%. That’s why there is a potential market for BNPL or Buy Now Pay Later products to further develop. He also mentioned that BNPL was a key solution to support financial inclusion and prevent abuse from predatory loan sharks.
As reported by local sources, the firm has supported retail partners as well as digital commerce sites to boost sales by as much as 30%.
By working with over 300 partners, such as leading brands and retailers like Mobile World, Dien May Xanh, Unilever, Galaxy Play, Reebok, Paula’s Choice, Pigeon, Vua Nem, and Giant International, Fundiin has managed to grow the number of end-users by over 5x and overall transactions by over 7x since its last investment round.
Fundiin reportedly has three “zero-cost” BNPL products including pay in three monthly instalments, pay in 30 days, and recurring payments.
Fundiin has worked with over 300 business partners in order to grow the number of users by over 5 times and aggregate transactions by over 7x since the last funding round a year back.
Valerianus Ian Sulaiman, VP of Investments at Trihill Capital, stated that Fundiin had a solid understanding of domestic culture and other nuances besides tech capacity, which is the key to underwriting the risk of BNPL.
Bui Thanh Do, founding member and MD at ThinkZone Ventures, which is Vietnam’s retail market has been expanding quite fast, along with the market demand for innovative payment solutions that are more accessible and less financially burdensome for end-consumers.
Fundiin has addressed this issue while also enabling the sustainable development of the BNPL ecosystem through its business indicators.