GIMO, a Vietnam-based FinTech startup, has announced the completion of Series A funding round with total capital raise of up to $17.1 million.

The final closing, comprised of a mixture of equity and debt financing, came only five months after the company secured $5.1 million in the first close, GIMO said in a statement on Monday.

According to the statement, the round is led by TNB Aura, with participation from the company’s existing backers including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.

New investors joining this round are global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent and Asia-focused private credit financier, AlteriQ Global.

GIMO said the investment will be utilized to fast-track the company’s expansion plans and drive innovation across its product portfolio, including product development, customer success and strategic partnerships.

On product development, GIMO said it will allocate a significant portion of the funds to bolster its research and development efforts.

It said this investment will accelerate GIMO’s product development, introducing more social impact initiatives, helping the underbanked workers to avoid debt traps and loan sharks while improving their financial well-being.

In terms of customer success, GIMO said it remains committed to providing unparalleled customer experiences.

It said a portion of the investment will be dedicated to enhancing customer success and support initiatives, ensuring that users receive the best-in-class services from GIMO.

As for strategic partnerships, GIMO said will leverage the funding to forge strategic alliances with key partners and industry leaders.

It said these partnerships will foster collaboration, create synergies, and launch new social impact initiatives.

“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.

According to him, this significant investment will enable the firm to drive its vision forward, fuel innovation and continue to serve the underserved communities in which it lives and operates.

GIMO is a social impact fintech startup providing flexible pay and financial well-being solutions for underbanked workers.

The firm strives to better the financial lives of Vietnamese underbanked workers via a set of mobile-enabled financial solutions that starts with on-demand pay.

Currently, approximately 500,000 workers from nearly 100 businesses can get on-demand access to their earned wages with GIMO.

“We look forward to working closely with the GIMO team in breaking down barriers to financial inclusion for millions of blue-collar workers across Vietnam,

“Especially in challenging macroeconomic times such as these, GIMO’s mission to empower workers to ‘Live Better. Work Happier’ is even more critical,” said Charles Wong, Founding Partner of TNB Aura.

According to the statement, GIMO currently serves 500,000 workers from medium to large-sized multi-national manufacturing companies across Vietnam.

Despite economic slowdown in 2023, the company demonstrates a solid growth rate of 15 percent and is on track to reach 2.5 million underbanked employees by 2025.

“We believe that the Vietnam market is ripe for the adoption of Earned Wage Access, which will drive financial inclusion and stability for the underserved,” said Zhi Yong Heng, Managing Partner of AlteriQ Global.

According to him, AlteriQ consistently strives to forge partnerships with top-tier business operators across industries and geographies.

“Our decision to support GIMO marks our debut into Vietnam, and we are excited to work with Quan and his team to scale their operations and create a positive impact on the financial well-being of the underserved communities,” he added.

Vietnamese FinTech startup GIMO hits first close of Series A at $5.1M