Trusting Social, a Singapore-based credit scoring firm, has raised $65 million in a Series C round of funding from The Sherpa Company, a Vietnam-based subsidiary of Masan Group.
The strategic partnership aims to create an AI-powered consumer technology platform. According to a news release, it seeks to deliver personalised retail and consumer financial solutions to Vietnam’s 27 million families.
Furthermore, by using Trusting Social’s AI capabilities in areas such as retail location selection, demand & supply planning, and product assortment & development, Masan will be able to drive efficiency in its core business.
With this partnership, Trusting Social claims to be one step closer to offering 100 million credit lines to underprivileged borrowers across Asia. “Our partnership with Masan is exciting since we broaden our platform from credit access to a total consumer life solution. Masan and Trusting Social believe that Vietnam can create transformation and disruption on par with global peers,” said Trusting Social’s Founder and CEO Nguyen Nguyen.
Masan Group CEO Danny Le said, “Walmart has invested heavily to develop an AI and ML platform and has leveraged it to become the leading offline and online daily, consumer life platform. The Trusting Social partnership provides Masan with a similar cutting-edge AI and ML platform but tailored for 100 million Vietnamese consumers. Our job together now is to develop it from a pure credit scoring use case to a holistic Consumer engine.”
Trusting Social is an AI-powered fintech business that aims to democratise financial services by using AI-powered consumer data and integrated finance. It promotes financial inclusion by providing credit analytics to over 170 financial institutions in Vietnam, Indonesia, India, and the Philippines, serving over a billion individuals.
Sequoia Capital, Beenext, Tanglin Ventures, 500 Global, Kima Ventures, and Genesis Alternative Ventures are among the company’s other investors.
Masan Group is a market leader in FMCG, branded meat, contemporary retail, F&B retail, financial services, telecommunications, and value-added chemical processing.
