Vietnamese Fintech 1Long Raises US$500K in Pre-Seed Funding
by Fintech News Vietnam February 26, 20241Long, a fintech startup based in Vietnam, has raised US$500,000 in a pre-seed funding round supported by a consortium of investors, including Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital.
With this new funding, 1Long plans to invest in technological advancements, forge strategic partnerships with asset managers and financial institutions, and grow its team.
Looking ahead, 1Long is set to diversify into investment options such as stocks, bonds, real estate, and to offer additional services like retirement and tax planning.
The company said that it is also committed to contributing to community welfare through charitable and environmental initiatives, targeting both domestic and international investors interested in the Vietnamese market.
The company, founded by a group of investment banking experts and Y Combinator alumni, seeks to make wealth building accessible to everyone, allowing users to start with VND 10,000.
1Long offers two main savings products, 1Safe and 1Term, offering up to 6.6% annual returns and up to 9% rewards for longer-term savings, respectively. These products are designed to enhance financial flexibility, enabling users to transfer and withdraw funds daily without fees.
In collaboration with Viet Tin Capital and Techcombank, the platform ensures a secure and reliable avenue for individuals to save and generate wealth.
Michael Do
“It’s worth noting, according to Motor Intelligence, that the fintech market in Vietnam, while moving at a measured pace, is expected to ultimately surpass US$72 billion by 2029 with a projected 13% compound annual growth rate (CAGR).
This promising trend highlights the vast potential within the sector and aligns perfectly with our mission at 1Long, as we navigate the maturing landscape with optimism and a clear focus on innovation and the financial success of our users.”
said Michael Do, Co-Founder and CEO at 1Long.
