Vietnamese P2P Lender Vaymuon.vn Eyes US$ 10 Million Series A for Global Ambitionsby Fintechnews Vietnam July 26, 2019
Vietnam’s first and largest P2P lending platform, Vaymuon.vn, announces the close of seed round funding and celebrates its strategic partnership with VietinBank Insurance (VBI) in order to ensure peace of mind for borrowers and investors.
With the breakthrough results after 2 years of pioneering in Vietnam, connecting nearly 2 million borrowers with nearly 400 thousand individual investors, Vaymuon.vn will continue to call for Series A round from 5 to 10 million USD to develop a comprehensive alternative financial services loop in Vietnam and expand to regional markets including Philippines, Myanmar, Cambodia, Thailand and Indonesia.
The Strategic Partnership Vaymuon.vn – VietinBank Insurance
VietinBank Insurance, as a leading enterprise in non-life insurance, has always been trusted and desired by domestic and foreign investors. As one of the pioneering enterprises of technology 4.0, especially at the Insurtech, VBI brings completely new experiences to customers when using VBI insurance product.
Vaymuon.vn cooperate with VBI to bring the most practical benefit to customers and help them more secure when experiencing financial services. By using VBI service for borrowers, in case customers encounter unforeseen risks while the loan is still valid, the credit insurance package will protect them against these risks and ensures that customers do not have to leave their debt to relatives. The insured customers are in the age between 18 and 65 who not exceed 66 years old on the day of the insurance contract termination and the insured has been approved for the loan.
Ms. Dao Thi Trang, Vaymuon.vn CEO stated:
“This partnership with VietinBank Insurance plays a crucial part in our efforts of building a comprehensive alternative financing services ecosystem. Accordingly, VietinBank Insurance will help repay loans on behalf of unfortunate borrowers who encounter unforeseen risks; such is to help investors secure their disbursed capital and make it easier to make investment decisions, knowing that their options are insured. We believe that when the risks are hedged and insured, our customers – both borrowers and investors – will be enabled to enjoy their life without worrying about financial matters.”
Vaymuon.vn – From Pioneer to Leader of P2P Lending in Vietnam
Aiming to target customers who are underserved by banks and financial institutions, for the past 2 years, as a pioneer, Vaymuon.vn has been delivering a secure & convenient approach to personal financing services.
To date, Vaymuon.vn has affirmed its position as the largest P2P lending platform in Vietnam, connecting more than 2 million customers to 400,000+ individual investors with the steady monthly growth rate of 20%; in which repeat loan rate remains stable at close to 62.5%. Starting with solely 5 members, Vaymuon.vn now employs more than 200 staff working in 4 offices in Vietnam, Philippines, Myanmar and Cambodia. Vaymuon.vn does this by continuously investing in the IT system and AI technologies to deploy automation in credit assessment & scoring as well as approval of loan applications without heavy dependence on paper-based procedures and human resources.
The vision of Vaymuon.vn over the next three years is to complete a consumer loan products ecosystem to serve more than 5 million customers with the following missions:
- For customers: Resolving customers’ demand of consumer loans quickly and conveniently, thereby bringing them a happier life.
- For investors: Ensuring transparency in business operations, providing benefits to investors on the basis of morality and law.
- For society: Perfecting the comprehensive financial system, contributing to repel black credit.
- For employees: Promoting the development of employee from the spirit to working skills, thereby bringing higher work efficiency.