Vietnam-based fintech company Fundiin today announced that it had raised US$5 million in Series A funding round co-led by Trihill Capital and ThinkZone Ventures.
Other investors participating in the funding round included 1982 Ventures, Genesia Ventures, JAFCO Asia, Zone Startups Ventures and Do Thu Ngan, Deputy CEO of Sacombank and former CFO and COO of JP Morgan Chase Vietnam.
The funding will be used to expand at a faster pace, invest in the development of new products, as well as attract top talents before expanding to Indonesia in the upcoming Series B round.
Fundiin CEO and Co-Founder Nguyen Anh Cuong said, “While credit card penetration rates in developed countries range from 50 per cent to more than 70 per cent, in Vietnam this rate is only five per cent. This shows that Vietnam is a high potential market for BNPL to develop, and BNPL is also an important solution to promote financial inclusion and prevent loan sharks, one of the most important missions in the national financial inclusion strategy.”
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“As this is a big problem to solve, Fundiin is very proud to receive the partnership and support from strong investors, especially from ThinkZone Ventures which counts many of Vietnam’s leading conglomerates as LPs, and from Trihill Capital for future expansion into Indonesia,” he continued.
Fundiin is a buy-now-pay-later (BNPL) platform in Vietnam that aims to help retail partners and e-commerce sites increase sales by up to 30 per cent by offering consumers BNPL options as a payment method.
The platform currently has three zero-cost BNPL sub-products: Pay in three-monthly instalments, Pay in 30 days, and Recurring payments.
Fundiin has cooperated with more than 300 partners with more than 4,000 physical stores.
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Image Credit: Fundiin
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