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. 

Our Mobile Update Is Live! And So Is Our Website!

HANOI, VIETNAM – July 06, 2021 

To provide our users with a more fantastic experience as well as more business insights, GIMO’s mobile app and website has come back with a new look, and indeed, it is better than ever.  

To make sure your experience will be pleasantly and seamlessly wonderful, we have added multiple assistive new features. This latest mobile app update includes:

  • A completely different interface which you will love
  • Earned wage access made easier with a few steps
  • A time-check calendar is at your fingertips

On the other hand, GIMO’s new website includes not only a neat and sleek look but an abundance of exciting new content for you to discover: a comprehensive and detailed profile of GIMO as well as a diverse educational content library.   

  • Our Platform. Get an inside scoop on our solution and how we integrate our platform into the client’s existing infrastructure.    
  • For Corporates. Check out the estimation on how GIMO can enhance business performance with our brand new interactive calculator.  
  • For Employees. Listen to the voice of our clients sharing their experience with us and how GIMO has become essential in their daily life through valued testimonials and case studies.
  • Insights. The enriched content library includes Insightful blogs and news to keep you updated on what is going on in the financial technology world, tips and tricks for better personal financial management and more.  
  • About Us. For those who wish to understand our brand, here is our mission and what value we work harder every day to deliver. You will also get a glimpse of GIMO’s experienced leaders, one of the main driving forces of our success.    
  • Contact Us. Do not forget to connect with us via LinkedIn and Facebook to keep up with our latest news.   

GIMO sincerely hopes that you will enjoy our new updates. Feel free to contact us with any inquiries.

Contact Information  

Hotline: 1900 232 360   

Email: marketing@gimo.vn 

GIMO Named in Top 13 Excellent Startups of SK Startup Fellowship 2021

HO CHI MINH, Vietnam – May 10, 2021 

GIMO surpasses more than 200 startups to get in the top 13 of SK Startup Fellowship (SKSF) 2021. 

The SK Startup Fellowship Program (SKSF) objective is to identify high-potential early-stage startups and offer them financial and in-kind assistance. At the same time, the Program aims to establish long-term relationships with all startup alumni.   

  

The Top 13 will receive the chance to opt-in BSSC’s Vietnam Startup Day 2021, one of Southeast Asia’s major startup events. The Demo Day event in October 2021 will bring the SKSF 2021 to a close. During Demo Day, each company will pitch in front of investors/judges, with the Top 4 receiving a no-equity grant worth $ 50,000 each and the remaining 9 startups receiving funding worth $ 16,000 each. GIMO, along with 12 other startups, joined Orientation Day on the afternoon of May 6 to kick off the SKSF program.   

According to SK Group, the second batch of SKSF got over 200 applications, which is more than three times the number received last year. This highlighted the Vietnamese startup ecosystem considerable interest in the program. Mobility, healthcare, medtech, finance, edutech, AI/deep-tech, and other domains are represented among the Top 13 SKSF 2021 startups. Regardless of different sectors, most entrepreneurs have the same goal in mind: to create a positive social impact with their products/solutions. 

About SK Group 

SK Group – the third largest asset-based conglomerate in Korea, with a history of nearly 70 years, SK has 107 subsidiaries that operate across over 40 countries and territories spanning industries: Energy & Chemicals, Telecommunications & Semiconductors, Logistics & Services. SK Group entered as a Fortune Global 500 after reaching a total revenue of 132 billion USD. From 2018, SK Group has officially invested in the Vietnamese market through major deals: investing $ 1 billion in Vingroup, investing $ 470 million in Masan Group, owning shares of PVOil and Petrolimex, invested USD 28.9 million in Imexpharm, invested USD 30 million to support the Vietnamese government in building an Innovation Center located in Hanoi 

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. 

Contact Information 

Hotline: 1900 232 360 

Email: marketing@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