Vietnam-based on-demand salary access provider GIMO has raised US$4.6 million in a Series A funding round led primarily by Singaporean venture capital firm, TNB Aura.
Vietnam-based FinTech company GIMO provides earned wage access (EWA), along with other payroll services to underbanked workers in the country, aiming to empower them with financial inclusion and stability. The on-demand salary provider raised US$4.6 million in its latest Series A financing round, and the funds procured will be instrumental to supporting its growth and improving the platform’s offerings.
The investments were led primarily by the Southeast Asia-focused venture capital firm, TNB Aura, with participation from Singapore’s Integra Partners, Vietnam-based ThinkZone Ventures, and Resolution Ventures.
In addition, TNB Auras’ co-founder and Managing Partner Charles Wong, alongside Jennifer Ho from Integra Partners, have been appointed as GIMO’s newest board of director members, as part of the recent arrangement.
In 2021, GIMO procured US$1.9 million in a seed-plus round backed by Integra Partners.
The FinTech startup will allocate the funds to improve its financial stability offerings, as well as back its growth and development plans to employ new senior engineers, and further expand its technological capabilities by incorporating advanced data analytics and artificial intelligence (AI).
Established in 2021 by Ngoc Nguyen and Quan Nguyen, with a vision to provide financial stability to the greater population in Vietnam, the platform has since built various corporate partnerships across the country, facilitating employees’ access to their salaries through their digital mobile application, while transforming individuals’ spending, savings and investments.
The EWA sector has rapidly expanded in Southeast Asia, as a response to demand spurred by the pandemic and growing inflation rates. Many workers have expressed a greater necessity to access their wages more efficiently and timely to cover everyday expenses and other financial needs.
Featured Banner Image: @gimo.vn