GIMO's team. The company secures a Series A funding round with total capital raise of up to US$17.1 million. — Photo courtesy of GIMO
GIMO, a Việt Nam-based start-up providing flexible pay and financial well-being solutions for underbanked workers, on Monday announced the completion of Series A funding round with total capital raise of up to US$17.1 million.
The final closing, comprised a mixture of equity and debt financing, came only five months after the company secured $5.1 million in the first close. 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 currently serves 500,000 workers from medium to large-sized multi-national manufacturing companies across Việt Nam. Despite the economic slowdown in 2023, the company demonstrates a solid growth rate of 15 per cent and is on track to reach 2.5 million underbanked employees by 2025.
“We believe that the Việt Nam market is ripe for the adoption of Earned Wage Access, which will drive financial inclusion and stability for the underserved. At AlteriQ, we consistently strive to forge partnerships with top-tier business operators across industries and geographies. Our decision to support GIMO marks our debut into Việt Nam, 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,” said Zhi Yong Heng, Managing Partner of AlteriQ Global.
The investment will be utilised to fast-track the company's expansion plans and drive innovation across its product portfolio, including product development, customer success, and strategic partnerships.
“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 co-founder and CEO Quân Nguyễn. “This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate.” — VNS