A series A round co-led by Trihill Capital and ThinkZone Ventures secured $5 million for Fundiin, a buy now, pay later (BNPL) business with its headquarters in Vietnam.
Along with Do Thu Ngan, a former executive at Sacombank and JP Morgan Chase Vietnam, other investors in the round include 1982 Ventures, Genesia Ventures, Jafco Asia, Zone Startups Ventures, and 1982 Ventures.
With its interest-free monthly installment payment option, Fundiin was founded in 2019 with the goal of assisting retail businesses and e-commerce websites in raising conversion rates and average order values as well as expanding their client base.
It was one of the first local firms to enter the BNPL market, a promising one given that just 5% of people in the nation now use credit cards.
The business claims that it presently provides three BNPL products: the first one enables consumers to pay in three monthly installments, the second one enables them to pay in 30 days, and the third one is a feature that allows for recurring payments.
Over 300 partners with over 4,000 physical outlets have partnered with the company. Since its US $1.8 million seed round, which was disclosed last year, the number of users has climbed by over 5 times, and the number of transactions has increased by over 7 times.
As it prepares for its future series B raise, where it hopes to penetrate Indonesia, Fundiin will utilize the extra capital to create new goods and quicken its expansion ambitions.
