FinTech firm 1Long raised $500K Pre-seed funding for technology advancement
A pre-seed round of funding totalling $500,000 was secured by Vietnam-based 1Long, a financial technology platform that assists people in reaching their financial objectives. The announcement was made on Monday.
Major investors such as Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital contributed the funding, which 1Long said in a statement demonstrated the confidence that important industry players have in the company’s cutting-edge approach to wealth management.
The statement states that partnerships with asset managers and financial institutions, technology development, and strategic team expansion will all benefit from the additional funding.
Given the rise in speculative trends and mobile trading apps in the Vietnamese market, this move is especially noteworthy.
It is positioned to offer a more reliable and long-term financial route, according to 1Long.
Going ahead, 1Long also wants to grow into investment goods like bonds, stocks, and real estate as well as other value-added services like tax and retirement planning.
The company maintains its commitment to community welfare by reinvesting in charitable and environmentally conscious initiatives, while also catering to domestic and foreign investors interested in the Vietnamese market.
According to Acclime Vietnam and Decision Lab, Vietnam has one of the fastest-growing fintech sectors in Southeast Asia, coming in second only to Singapore.
According to 1Long, this environment will allow it to be a dependable platform that is dedicated to innovation, openness, and assisting users in achieving long-term financial success.
“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 $72 billion by 2029 with a projected 13 percent 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 Chief Executive Officer at 1Long.
A group of seasoned professionals from investment banking and Y Combinator founded 1Long, a progressive fintech startup that is transforming asset management through a dedication to ongoing innovation.
With its platform, people can start investing with as little as VND 10,000 (roughly less than $1), democratizing wealth building.
With 6.6 percent annual returns and the potential to earn rewards of up to 9 percent on long-term deposits, the two main savings products offered by this initiative are 1Safe and 1Term.
By removing fees associated with daily transfers and withdrawals, the platform promotes financial fluidity and lowers barriers to fund access.
