Gpay, a Vietnam-based e-wallet provider, has received an undisclosed amount in Series A funding from Korea-listed bank KB Financial Group.
G-Group Technology Corporation, the parent of Gpay, also joined hands with KB Financial to launch a US$13-million fintech joint venture.
As per a press note, the fresh funds will be used to expand its team and customer base and also upgrade its tech solutions. The latest investment round values the digital payment firm at VND 425 billion (US$18.5 million).
Also Read: 2021: Predicting another bumper (un)predictable year for payments
Established in 2018, Gpay obtained its e-payment license in April 2020. However, competition is expected to be tight within the Vietnamese digital payment market. There are currently 39 licensed e-wallet providers.
Last week, local rival MoMo announced it had raised its Series D funding, which sources have pegged it at over US$100 million.
Nguyen Thuan Chat, Co-founder and CEO of G Payment Joint Stock Company, that owns and runs Gpay, said that the company aims to reach five million users by 2023.
G-Group has other tech arms including peer-to-peer lending firm Tima and social networking app Gapo.
Last week, Momo, another payments app in Vietnam, raised an undisclosed amount in Series D financing, co-led by Warburg Princus and Silicon Valley-based VC firm Goodwater Capital.
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