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, A Social Fintech Startup, Has Received Seed Funding From BK Fund And ThinkZone Ventures

HANOI, VIETNAM – March 24, 2021 

GIMO, an on-demand pay solution provider in Vietnam, has secured seed funding from Thinkzone Ventures, Bk Fund and Angel Investors. 

“As an early investor of GIMO, ThinkZone Ventures is delighted to share the same aspiration with BK Fund and other strategic angel investors. We can see appealing market opportunities for GIMO and the EWA platform. More importantly, we highly appreciate the difference they are making for the underbanked community. GIMO will have our full support to democratize this solution and contribute to Vietnam’s financial inclusion in the time to come”, said Bui Thanh Do, Founding Partner of ThinkZone. 

According to the State Bank of Vietnam, as of June 2019, more than half of the population does not own a bank account or having limited access to formal lending and banking services. Therefore, they must rely on costly or non-secured sources such as high-interest bank loans or loan sharks to take care of their cash flow emergencies. 

“As one of the EWA pioneers in Vietnam, GIMO hopes to fill in the market gap by addressing unmet financial needs of dozens of millions of workers out there and, at the same time, increasing their job security, financial wellness, and loyalty”, said Nguyen Anh Quan, GIMO’s Co-founder and CEO. “It is a win-win game for both employees and employers. Well-rounded staff benefits help reduce turnover rate and HR-related costs, such as recruitment and training costs. Happy workers create successful companies!” he added. 

In the future, GIMO plans to build an integrated payroll management platform that connects multi-parties such as employers, bank and financial institutions, retailers and so on, providing employees with more value-added features such as loyalty programs and personal finance management. 

“We are very proud to see more and more Fintech startups like GIMO dedicated to solving pressing social issues”, said Pham Dinh Doan – Chairman of Phu Thai Group and Chairman of BK Fund, a venture capital find led by Hanoi University of Science and Technology. “BK Fund looks forward to working with GIMO’s team to explain their outreach and impact through our connected alumni, business and partner networks in Vietnam”. 

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 Millennials Nguyen Van Ngoc and Nguyen Anh Quan, formerly seasoned 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, they see an opportunity to make a difference. Since 2019, GIMO has been providing solutions to over 3000 workers of 20 clients. 

About ThinkZone Ventures 

ThinkZone Ventures is a venture capital firm focusing on tech startups from Seed to Pre-Series A. One supporting division of ThinkZone Ventures is ThinkZone Accelerator, an accelerator program with the largest investment and support in Vietnam. ThinkZone Ventures evaluates, supports, and accelerates startups to scale and dominate their market through the accelerator. 

About BK Fund 

Founded in 2020, BK is a venture investment fund of the Hanoi University of Science and Technology (HUST) to support potential startups in Vietnam with a ticket size of up to $1 million. Of Vietnam’s oldest universities, HUST has incubated the development of many technology entrepreneurs and big corporations such as Phu Thai Group, Austdoor Group, MISA, BKAV, AhaMove and GotIt. 

Contact Information 

Hotline: 1900 232 360 

Email: marketing@gimo.vn