GIMO lands partnership with Bac Ninh’s Federation of Labour to improve worker well-being  

On March 28th, 2022, GIMO strengthened its commitment to serving workers by signing a partnership agreement with Bac Ninh’s Federation of Labour.

The signing ceremony was participated by Ms. Nguyen Thi Van Ha – the Chairwoman of Bac Ninh’s Federation of Labour, and Mr. Nguyen Anh Quan – CEO and Co-Founder of GIMO.

In practical terms, the agreement will allow GIMO to further engage with the Federation in improving the well-being of local workers. The Federation currently manages and represents approximately 330,000 union members workers in Bac Ninh.

“Serving workers has always been one of our top priorities,” said Mr. Nguyen Anh Quan. “Now we have an agreement in place to work closely with the Federation and enrich the lives of local workers.”

Earlier this February, GIMO partnered with the Federation to hand out 200 care packages to workers celebrating Tet away from their hometowns.

Alongside social activities, GIMO is also committed to delivering quality and reliable financial services for workers.

Ms. Nguyen Thi Van Ha commented: “According to a provincial survey, workers in industrial zones usually send two-thirds of their income home. Access to their earned wages, when they need them, would help them address their financial needs.”

The agreement took place a few weeks before Workers’ Month – an annual event initiated by The Vietnam General Confederation of Labour and held in May.

GIMO backed by Silicon Valley’s Y Combinator

GIMO has been recently made the cut into Y Combinator (YC) – the high-profile Silicon Valley-based startup accelerator with an acceptance rate of only 1.5-2%.  

With an acceptance rate of less than 3%, YC is one of the most renowned launchpads in the world and has backed over 3,000 companies since its inception in 2015. Top YC companies, including Stripe, Airbnb, Dropbox, Coinbase, and Reddit, among others, have a combined valuation of $400 billion as of July 2021. GIMO joins Y Combinator’s Winter 2022 batch and is one of a few Vietnamese companies to make it into the program. The incubator offers the selected startups a US$125,000 financial shot in the arm and an intensive three-month training. The program would give our co-founders – CEO Nguyen Anh Quan and CPO Nguyen Van Ngoc access to perks such as workshops, mentoring programs, and ends with Demo Day, where members present their businesses to specifically selected investors. 

With the growing concern over COVID-19, the batch will be held remotely.  

“The Y Combinator tag is a major validation for GIMO and takes us one step closer to solving some of the most challenging problems facing millions of underbanked workers in Vietnam and SEA. More than funding, it gives us exposure to the best practices for scaling a business in scaling our business and a large network of YC alumni and top-notch investors,” said Nguyen Anh Quan, GIMO’s Co-Founder and CEO.  

Partnering with employers, GIMO provides employees with instant, safe and affordable access to their earned wage any day of the month via a mobile app. The solution thus helps businesses nurture a positive workforce while acting as their supplementary resource for reduced payroll risks.  

The fintech startup currently serves 35,000 workers and is on track to cross a milestone of 180,000 users by the end of 2022.  

The financing event comes only a few weeks after the company closed its oversubscribed Seed+ round at US$1.9 million with Integra Partners, Resolution Ventures, Blauwpark Partners, and TNB Aura VN Scout. 

Fintech startup GIMO bags $1.9M in Seed+ round led by Integra Partners

HANOI, Vietnam – November 23rd, 2021

GIMO, Vietnam’s fintech startup offering on-demand pay for blue-collar workers, announced on Tuesday that it had successfully raised $1.9 million in a Seed+ round led by Singapore’s Integra Partners. The round also saw participation from Resolution Ventures, Blauwpark Partners, and TNB Aura VN Scout.


According to GIMO’s Co-founder and CEO Nguyen Anh Quan, the new investment will help the company improve the financial stability and resilience of blue-collar workers, as well as fast-track financial inclusion in Southeast Asia. 


“Blue-collar workers are among the most vulnerable to financial distress. When unexpected bills arise, they don’t have a lot of safe and affordable options. GIMO looks to change that. By helping workers get paid as they earn it, we hope to give them the peace of mind to focus on what matters”, he said. 

About 290 million people in Southeast Asia have no or limited access to formal financial services, according to the World Bank. 

Chris Kaptein, Partner at Integra Partners, said: “We are proud to partner with Quan, Ngoc, and the entire team at GIMO. We have been impressed with GIMO’s vision to bring Earned Wage Access, and broader financial services and benefits to Vietnam’s blue-collar workers. We share a strong belief that access to affordable and responsible financial services is a key pillar for sustainable growth, and look forward to partnering with GIMO on their journey to serve Vietnam’s blue-collar workers”.


Officially rolled out in early 2021, GIMO allows employees to access their earned salary almost instantly via a mobile app integrated with the company’s payroll system. Users could also keep track of their workdays and daily earnings in real-time, as well as receive personal finance tips.


With the fresh funding, the company plans to allocate more resources for hiring senior engineers, strengthening risk management competencies, and integrating advanced technologies such as data analytics and artificial intelligence to enhance customer experiences. 

To date, GIMO has provided on-demand pay for more than 25,000 workers, mainly in the manufacturing and retail sectors, growing monthly at 130 percent. In the long run, it is set to build a digital financial platform that empowers blue-collar workers to better organize their money, from paychecks to spending, savings, and investments.


Earlier in March, the company just announced an undisclosed amount of seed funding from ThinkZone Ventures, BK Fund, and a group of angel investors.

 

About GIMO 


GIMO is a leading on-demand pay solution provider in Vietnam. By allowing users to get instant and safe access to their earned wages, the company aspires to empower workers having no or limited access to mainstream financial services to alleviate financial stress and foster financial well-being.
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Contact 
Le Bui
Head of Marketing
Email: lebt@gimo.vn

GIMO Partners with Viet Capital Bank to Launch the New Instant Pay Feature

HANOI, Vietnam – October 6, 2021   

GIMO has officially launched the new instant payment feature in partnership with Viet Capital Bank, enabling users to receive their earned wage in just 30 seconds starting from October 6, 2021. 

As one of the pioneers in the Earned Wage Access playing field in Vietnam, GIMO has provided local businesses and workers with a tech-based financial welfare program since 2019. Our solution constantly evolves, optimizing the user experience to the max. As of October 6, transactions can be made instantly with maximum security. 

Leveraging on Viet Capital Bank’s operating system, transactions on GIMO App are now verified and processed automatically. The newly integrated automation meets the highest security standard, reassuring GIMO’s users and business partners on cyber safety. 

“In this day and age, when technology is taking over all business aspects, data security is among top priorities for everyone. Working with Viet Capital Bank, HR personnel information and payroll data is more secured than ever. Our users and partners can now put their worries at ease.” Quan Nguyen, co-founder, and CEO of GIMO, shared his thoughts on the matter. “With this latest upgrade, aside from the enhanced safeguards, our users’ experience is optimized with instant access to their pay at a reasonable rate,” he added. 

Transactions on GIMO App are now processed within 30 seconds after the request is successfully submitted. Our users are now offered multiple options to fit their specific needs at that time of usage. The system integration between GIMO and Viet Capital Bank has successfully occurred, causing no delay or interruptions to GIMO current service offering. The instant pay option is now available to use for all GIMO’s users everywhere, providing instant assistance in times of financial emergency. 

As fellow entrepreneurs in the financial sector, GIMO is glad to have been able to partner up with Viet Capital Bank in upgrading our earned wage access solution. In 2020, Viet Capital Bank was honored to be awarded the title of “Bank with outstanding innovative products and services” by IDG and the Vietnam Association of Banks. Regularly cooperating with Vietnamese SMEs, Viet Capital Bank provides digital financial services, helping to innovate and transform business processes. 

GIMO x ADG: A New Financial Welfare Program for One of The Top 500 Largest Enterprises in Vietnam

The challenge  
For the past year, COVID has taken a toll on Vietnam’s economy across every domain, manufacturing is no exception. Due to the virus’s rapid spread in close proximity, numerous factories and high-tech industrial parks face major disruption and productivity decrease. In compliance with the strict preventive measures from the government, businesses are forced to cut down on not only working hours but also human resources. The reality has profoundly impacted the lives of millions of working individuals across Vietnam. Austdoor, being one of the top 500 largest enterprises in Vietnam, makes it their mission to minimize the harm done to over 1,200 workers – the most valuable stakeholder of the business. 

A practical and hassle-free solution
On April 4, 2021, amidst the rapid return of COVID 19, GIMO had the chance to join forces with Austdoor Group (ADG) to power the new financial welfare program. GIMO is considered a practical and valuable financial solution for employees, especially in manufacturing, one of the most impacted domain during the pandemic. This program is expected to help enhance employees’ engagement and help reduce their daily financial worries.
The program is implemented at all of three ADG branches: the head office in Hanoi, Hung Yen factory, and Nhon Trach factory. Due to the differentiation in the time check system of each site, GIMO has tailored our solution to best fit both the company’s internal process and the employees’ needs.

With GIMO, ADG employees can quickly and conveniently access their earned wage before payday as well as proactively monitor their working days anywhere, anytime at their fingertips. Moreover, the frequently updated content hub on the app is a source of supply for daily food for thoughts, including valuable tips and information on various lifestyle-related topics. carrying the mission to improve GIMO aims to better employees’ personal finance management, the program is expected to create a safe source of finance and knowledge for ones to so they can handle any financial emergency with ease.

The results
After nearly five months of implementation, many positive feedbacks and valuable comments on the program and GIMO services have been received.

  • 100% of ADG’s employees are content with their new financial welfare program, agreeing that it has significantly increased their engagement with the company;

  • All active users feel that GIMO is a convenient and helpful solution for unexpected financial issues;

  • 95% of active users are pleased with their experience on GIMO App and disbursement time;

Constant worries about daily expenses will no longer be a burden, helping employees to better cope with the current disruptive situation. The new welfare program shows how much ADG’s management team cares for their employees, always understanding the obstacles in life to provide prompt support.

 

About ADG – Austdoor Group

Established in 2003, Austdoor Group is one of the leading manufacturers and suppliers of door solutions and high-tech building materials in Vietnam, having won the National Brand for two consecutive times with the system System of 06 production factories spread across three regions of North – Central – South, more than 600 distributors and 2,000 selling points in 63 provinces and cities nationwide. From 2020 until now, Austdoor is among the Top 10 fastest growing enterprises in Vietnam (FAST500), leading the industry rankings. Learn more about ADG Group here.

About GIMO

GIMO is one of the pioneers in Vietnam to provide EWA (Earned Wage Access) solutions to local enterprises and workers. The company was founded in 2019 by two former professionals in banking, finance, and technology and some experience in entrepreneurship. With two-thirds of Vietnam’s working population not owning a bank account or having limited access to the formal lending system, GIMO aims to make a difference and increase financial inclusion for all Vietnamese working individuals via the power of technology. 

Contact Information 

Hotline: 1900 232 360  

Email: marketing@gimo.vn