Vietnam’s Earned Wage Access Firm GIMO Raises US$17.1M to Fuel Expansionby Fintech News Vietnam July 24, 2023
Vietnam-based earned wage access startup GIMO announced that it has closed its US$17.1 million Series A funding round five months after the company secured US$5.1 million in the first close. The final closing comprised both equity and debt financing.
The round was led by TNB Aura, with participation from the company’s existing backers including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.
New investors joining this round are global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent and Asia-focused private credit financier, AlteriQ Global.
The firm said that the fresh funds will be utilised to fast-track the company’s expansion plans and drive innovation across its product portfolio.
GIMO currently serves 500,000 workers from medium to large-sized multi-national manufacturing companies across Vietnam.
The company reported a growth rate of 15% and said that it is on track to reach 2.5 million underbanked employees by 2025.
“We are thrilled to announce the successful closing of our Series A funding round, which demonstrates the unwavering confidence and support we have received from investors.
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 Quan Nguyen, Co-founder and CEO of GIMO.