TNB Aura leads $17.1 M funding round for Vietnam’s GIMO to foster expansion

A fintech startup from Vietnam named GIMO has announced the conclusion of its Series A funding round, which raised up to $17.1 million in total.

Only five months had passed since the company received $5.1 million in the first close when the company’s final closing, which included a combination of equity and debt financing, GIMO said in a statement on Monday.

The funding round, which is being led by TNB Aura, is also being joined by some of the company’s current backers, including Y Combinator, Integra Partners, Resolution Ventures, Blauwpark Partners, and Blauwpark Partners.

Global corporate ventures like Genting Ventures, TKG Taekwang, George Kent, and Asia-focused private credit financier AlteriQ Global are among the new investors in this round.

The investment, according to GIMO, will be used to accelerate the business’s expansion plans and foster innovation across its entire product line, including product development, customer success, and strategic alliances.

GIMO stated that it will use a sizeable portion of the funds to increase its research and development efforts in the area of product development.

According to the statement, this investment will hasten the development of GIMO’s products, expand social impact initiatives, and assist underbanked workers in avoiding debt traps and loan sharks while also enhancing their financial security.

GIMO stated that it is still dedicated to delivering unmatched customer experiences in terms of customer success.

According to the statement, a portion of the investment will be used to improve customer success and support programs, ensuring that GIMO users receive the best services possible.

GIMO stated that it would use the funding to create strategic alliances with important partners and business titans.

It claimed that these alliances would promote communication, produce synergies, and introduce fresh social impact projects.

“We are thrilled to announce the successful closing of our Series A funding round, which demonstrates the unwavering confidence and support we have received from investors,” said GIMO Co-Founder and Chief Executive Officer Quan Nguyen.

GIMO is a fintech company with a social impact that offers solutions for underbanked workers’ financial security and flexible pay.

The company uses a variety of mobile-enabled financial solutions, beginning with on-demand pay, to improve the financial circumstances of Vietnamese underbanked workers.

Currently, GIMO allows nearly 500,000 employees from nearly 100 companies to access their earned wages whenever they need to.