Vietnam’s Fintech start-up GIMO has announced the first close of its Series A funding with a US$5.1 million investment “led by TNB Aura.”
Other investment firms joining the investment round “are returning investors including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.”
GIMO’s latest financing “follows a year of remarkable growth.”
With a solid 24x year-on-year revenue growth and an 11x year-on-year transaction volume increase, the company has “delivered one of the favourite financial apps for Vietnamese financially underserved workers.”
Quan Nguyen Co-founder and CEO at GIMO, said:
“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”
In 2021, the start-up “secured a US$1.9 million Seed extension round and is currently in the process of raising debt capital.”
Founded by Quan Nguyen and Nguyen Ngoc, GIMO empowers workers by “enabling them to get instant and safe access to their earned wages, along with access to mainstream financial services. In turn, this helps alleviate financial stress and fosters financial well-being.”
Quan Nguyen added:
“Blue-collar workers are among the most vulnerable to financial distress. When unexpected bills arise, they don’t have a lot of safe and affordable options. GIMO looks to change that. By helping workers get paid as they earn it, we hope to give them the peace of mind to focus on what matters.”
As noted by its management, GIMO is “a digital financial solution provider in Vietnam.”
They strive “to better the financial lives of the Vietnamese financially underserved, first with on-demand pay.”
Currently, nearly 500,000 workers from approximately 100 businesses are “getting on-demand access to their earned wages with GIMO.”
The firm claims that it provides “an affordable, timely, and secure digital solution that enables the Vietnamese underserved workers to better their financial lives.”