SAMO Holding, the company behind Vietnam’s financial comparison platform thebank.vn, has secured US$5 million in a Series A round led by UOB Venture Management, the investment arm of Singapore’s United Overseas Bank (UOB).
The development was first reported by Deal Street Asia.
SAMO, which also owns financial advisors platform momi.vn and insurance distribution firm TheBank Assurance, plans to use the latest fundings to expand its business in the country.
The firm will also broaden its agent network and offer more extensive financial products covering loans, wealth management, insurance and loans.
e27 has contacted SAMO for more details. We will update this piece as and when we hear from the company.
SAMO was established in 2014 by CEO Dat Thanh Nguyen. Its first product thebank.vn is a free financial advisor website that compares insurance, credit cards, loans, and savings options for consumers.
The company said that thebank.vn processes more than 1.316 financial products, from house and car loans to travel and health insurance packages.
It also claims to have clocked more than 2.6 million visits per month and more than 3.1 million advisor requests.
SAMO previously raised an undisclosed sum in pre-Series A funding led by Japan’s CyberAgent and South Korea’s NCore Ventures.
Since 2019, UOB has actively rolled out its fintech accelerator programmes The FinLab, in Singapore, Malaysia and Thailand.
In Vietnam, the UOB fund has supported more than US$2 billion in investment into the country and created 17,000 jobs, as noted on the firm’s website.
Vietnam Fintech Report 2020 reported that Vietnam’s fintech startups recorded a 173 per cent growth rate within three years. Payments, P2P lending, blockchain, wealth management and POS services are the five most thriving fintech sectors.
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Also read: SAMO Holding
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