The GIMO team
GIMO, a Vietnam-based startup providing flexible pay and financial well-being solutions for underbanked workers, has raised an undisclosed sum in Series A funding to close the round at US$17.1 million.
TNB Aura led the round and saw participation from existing backers Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.
Genting Ventures, TKG Taekwang, George Kent, and Asia-focused private credit financier AlteriQ Global also joined.
The final closing, comprising equity and debt financing, came five months after GIMO secured US$5.1 million in the first close.
Also Read: GIMO bags US$1.9M to improve financial stability for blue-collar workers in Vietnam
The fintech firm will allocate a significant portion of the funds to bolster its R&D efforts and accelerate product development to introduce more social impact initiatives. A portion will be dedicated to enhancing customer success and support initiatives besides forging strategic alliances with key partners and industry leaders.
GIMO is an earned-wage access company aiming to better the financial lives of Vietnamese underbanked workers via mobile-enabled financial solutions that start with on-demand pay.
The startup currently serves 500,000 workers from medium to large-sized multinational manufacturing companies across Vietnam.
GIMO claims that despite the economic slowdown in 2023, it grew 15 per cent and is on track to reach 2.5 million underbanked employees by 2025.
“This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate,” said GIMO Co-Founder and CEO Quan Nguyen.
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