Earned-wage access company Nano, located in Vietnam, secured US $6.4 million in a pre-series A investment that was led by Openspace Ventures and included previous investors Golden Gate Ventures and FEBE Ventures.
Workers who use Vui, Nano’s main app, may access their paychecks whenever they choose, providing them more control over their personal accounts and cash flow.
With a focus on low- and middle-income employees in Vietnam who are more susceptible to loan sharks and payday lenders, Nano was founded in 2020 by Thang Nguyen, a former founder of Focal Labs, and Dzung Dang, the former general manager of Uber Vietnam. The business also secured a $3 million round of initial investment in May.
According to Nano, it has over 100,000 users from businesses including FPT Retail, Central Retail, GS25, and Family Mart. According to the business, a worker accesses earnings using the Vui app on average over four times each month.
“Those workers need more flexible access to their earnings in volatile financial times, and employers need an edge in attracting a shortfall of talent,” Jessica Pouleur, partner at Openspace Ventures, said in a statement.
With the fresh capital, Nano, which aims to reach 500,000 users, will concentrate on bringing on board big businesses in the manufacturing industry, particularly in the clothing, footwear, electronics, and wood production sectors.
Additionally, it intends to develop a flexible benefits platform for low-wage workers, enhancing it with other capabilities like bill payment and phone card purchases.