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Vietnam is one in all Asia’s most dynamic startups scenes, a burgeoning ecosystem that’s risen on the again of the nation’s booming digital economic system, a younger inhabitants keen to check and undertake new know-how client companies, and a surge in abroad funding.
In 2021, Vietnamese startups raised a complete of US$1.5 billion, according to enterprise consulting agency Nextrans Vietnam. Fintech led enterprise capital (VC) funding, making up 26.6% of all startup investments in 2021 and showcasing buyers’ confidence within the prospects of economic improvements within the nation.
Hovering fintech investments got here on the again of fast adoption of digital monetary companies amid COVID-19 restrictions. To get a way of Vietnam’s up-and-coming fintech startups, we glance in the present day at seven fast-growing Vietnamese fintech corporations which have made notable strives over the previous yr and which have attracted the curiosity of a number of the world’s most distinguished startup buyers.
VNLife
Based in 2007 and headquartered in Hanoi, VNLife is the dad or mum firm of fintech agency VNPay. A number one Vietnamese digital fee firm, VNPay operates a community of practically 200,000 places nationwide, which accepts funds via the VNPay-POS, VNPay-QR and the VNPay-QR fee gateway.
VNPay-POS is an “all-in-one” answer, assembly all fashionable fee wants and helping retailers in operation, value optimization and income development, and VNPay-QR is a QR code fee answer built-in into greater than 30 cell banking functions, the VNPay pockets and eight different e-wallets. VNPay claims VNPay-QR is the biggest interoperable cashless fee community in Vietnam, with 22 million customers.
VNLife runs an ecosystem comprising a large portfolio of methods and companies starting from banking companies and monetary companies, to e-commerce web sites and flight reserving service.
VNLife raised US$250 million in July 2021 in a spherical led by Basic Atlantic and Dragoneer Funding Group that gave the agency a valuation of over US$1 billion.
M_Service
Based in 2007 and headquartered in Ho Chi Minh Metropolis, M_Service is the operator of MoMo, Vietnam’s main cell pockets that permits customers to conduct seamless digital funds, make transfers, pay their payments, and extra.
One of many fastest-growing fintech corporations in Vietnam, M_Service strives to construct a full-fledged monetary ecosystem for customers, small companies, and monetary companies suppliers. As of June 2022, the corporate claimed greater than 31 million customers, 50,000 home companions, and 140,000 fee acceptance factors nationwide.
M_Service is one probably the most well-funded and most precious non-public corporations in Vietnam, having raised a complete of US$433.7 million and being value US$2.27 billion, according to CB Insights. It’s backed by buyers that embrace Mizuho Financial institution and Warburg Pincus.
Sky Mavis
Based in 2018, Sky Mavis develops blockchain-based video games and merchandise, and is the creator of Axie Infinity, a digital pet universe and one of the widespread functions of cryptocurrency up to now with over 2 million day by day lively customers.
Axie Infinity is a web based online game that permits gamers to gather and mint non-fungible tokens (NFTs) which characterize digital pets generally known as Axies. These creatures will be bred and battled with one another inside the sport. Gamers of Axie Infinity also can buy digital land and different in-game belongings as NFTs.
Sky Mavis is headquartered in Singapore, in accordance with its LinkedIn web page, and has an workplace in Ho Chi Minh Metropolis. The corporate has raised US$311 million from buyers together with Andreessen Horowitz, Accel, Paradigm and Mark Cuban, and is valued at US$3 billion, according to CB Insights.
Trusting Social
Based in 2013, Trusting Social is a supplier of synthetic intelligence (AI)-powered credit score danger, id and acquisition options to the lending trade. The corporate combines huge knowledge know-how with social, net and cell knowledge, to allow lenders in rising markets to serve customers not coated by conventional credit score bureaus.
Headquartered in Singapore and working throughout Vietnam, Indonesia and India, Trusting Social claims it’s the largest supplier of credit score danger profiles in Asia, covering greater than 1 billion customers via partnerships with over 130 monetary establishments and companies suppliers together with CIMB, Sacombank, UOB, UnionBank and Seize.
It’s an award-winning startup that’s backed by Sequoia Capital, 500 Startups, Kima Ventures and Genesis Various Ventures, amongst others. Trusting Social secured a US$65 million Collection C in April 2022.
Timo
Headquartered in Ho Chi Minh Metropolis and established in 2015, Timo was the primary firm in Vietnam to supply a fee-free, simple and handy digital banking expertise.
Timo’s digital banking answer runs via a digital platform that permits customers to open checking, financial savings and time period deposits accounts remotely in simply minutes. Customers are supplied with a free accompanying ATM card, and also can use the Timo cell app to pay their payments, make cell funds, and extra. Different merchandise offered by the corporate embrace a Visa bank card, purchase now, pay later (BNPL) choices, and loans, in addition to insurance coverage protection and funding merchandise provided by companions.
Timo doesn’t maintain a banking license and has instead partnered with Viet Capital Financial institution. The corporate raised US$20 million in January 2022 from Sq. Peg, FinAccel, Airwallex, and others.
Finhay
Based in 2017 and headquartered in Hanoi, Finhay is a licensed brokerage firm that runs a wealth administration platform designed to permit particular person buyers to entry monetary merchandise digitally. The platform makes use of machine studying (ML) to establish and advocate investments for buyers. It began with fund certificates as its sole product earlier than broadening its scope to inventory buying and selling, financial savings merchandise, gold buying and selling, insurance coverage merchandise and cashback schemes.
Finhay claims greater than 2.7 million registered customers, making it Vietnam’s main digital funding platform. The corporate raised US$25 million in a Collection B funding spherical in June, it’s solely disclosed funding. It stated it could use the proceeds to put money into strategic enterprise enlargement, expertise acquisition and know-how improvement. Its backers embrace Openspace Ventures and Vietnam Investments Group.
Nano Applied sciences
Based in 2020 and headquartered in Hanoi, Nano Applied sciences is the operator of Vui, a cell app that lets employees in Vietnam entry their earned wages, and which gives employers with an economical versatile advantages platform.
The corporate claims to serve over 100,000 employees from main companies akin to FPT Retail, Central Retail, GS25 and Household Mart. In August, it secured a US$6.4 million pre-Collection A to develop its options and hone in on massive enterprises within the manufacturing sector, with a give attention to garment, footwear, electronics and wooden manufacturing. The brand new funding spherical got here a yr after Nano raised US$3 million in its seed funding spherical led by returning buyers Golden Gate Ventures and Venturra Discovery.
Nano Applied sciences was featured in KPMG and HSBC’s 2022 top ten emerging tech giants in Vietnam.
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