Vietnam-based digital bank Timo announced that they have successfully secured US$ 20 million in fresh funding.

The investment round is led by Square Peg, a leading global VC firm whose investments include unicorns such as Canva, FinAccel and Airwallex. Other participants of the round include Jungle Ventures, Granite Oak, FinAccel, Phoenix Holdings and other super angels.

Established in 2015, Timo is one of Vietnam’s first digital banks is largely considered ahead of its time in South East Asia where digital banks weren’t as prevalent as it is today. In 2019, VPBank, the bank announced a strategic partnership with Viet Capital Bank to “further accelerate their growth”

Henry Nguyen, CEO Timo Digital Bank said:

“This funding round is not only a signal that digital banking is the future in Vietnam, but It also demonstrates investors’ confidence that Timo is leading this important sector.

We are deeply committed to our mission of setting the benchmark for modern banking in Vietnam while bringing greater financial inclusion and accessibility to the large majority of the population which remains unbanked. Timo aims to become the bank that is at the center of our customers’ financial lives. We are delighted to have world class investors led by Square Peg joining us on our journey.”