12 Common FinTech Startups in Vietnam
MEDICI lately printed an in-depth overview of Vietnam’s FinTech funding panorama. Vietnam’s GDP is rising at 6.7% per 12 months with a excessive cellphone/web penetration, in addition to a excessive fee of grownup literacy, which is near 95%. The market expects vital development within the middle-income and prosperous teams in Vietnam, which might translate into alternatives for FinTech gamers. FinTech in Vietnam is barely extra centered on private/retail finance, funds, and different lending classes and expects extra improvements from blockchain and large knowledge gamers.
Right here’s a take a look at 12 well-liked FinTech startups in Vietnam:
MoMo, a startup based in 2007, has raised $133.eight million in whole funding. Momo is an e-wallet and funds app that permits customers to pay on-line and switch cash to one another digitally. At chosen shops, the app can be utilized for cashless funds. MoMo additionally permits customers to pay utility payments by its partnership with native banks.
Timo was based in 2013. It offers digital banking providers by its cellular app. Customers can carry out their each day transactions by cell phone and create monetary targets. Timo’s app provides banking providers equivalent to funds, cash switch, financial savings, and card administration in Vietnam.
Tima was based in 2015 and has raised $three million in whole funding. Tima is a peer-to-peer lending market that provides asset-backed mortgage loans and car loans at a yearly rate of interest of 10.95%. Tima makes use of algorithms to supply credit score scores of debtors by analyzing knowledge from their social media accounts to find out their creditworthiness.
**Finhay **was based in 2017. It’s a micro-investment platform which targets millennial clients. It makes use of each its web site and cellular software to succeed in clients. In January 2019, the startup acquired ~$1 million in funding from Insignia Enterprise Companions. Finhay has additionally acquired funding from H2 Ventures.
Progress Wealth was based in 2018. It’s a peer-to-peer lending platform for SMEs in Vietnam which connects SMEs with people and institutional traders. Progress Wealth is a part of FTP and Vina Capital’s initiative FinTech Lab.
OnOnPay was based in 2015 and has raised $800ok in whole funding. OnOnPay is a web-based platform that permits customers to recharge pay as you go mobiles in Vietnam.
HuyDong was based in 2015 and has raised $10ok in whole funding. The corporate was beforehand often known as LoanVi. A subdivision of Finsom Joint Inventory Firm, HuyDong is a peer-to-peer lending on-line market for private loans in Vietnam.
Cash Lover was based in 2011. Cash Lover’s app acts as a finance & expense supervisor for people. It permits customers to trace their bills over time and handle their month-to-month or annual finances. Cash Lover is a Finsify (previously ZooStudio) product.
1Pay was based in 2013. It’s a cellular fee platform that permits customers and distributors to handle all their fee wants on one platform. It helps all fee technique for all units and software platforms.
bePOS was based in 2015. It’s a point-of-sale (POS) answer supplier and provides a complete cloud-based POS software program answer for retailers. bePOS has a presence in Vietnam and Australia (Sydney).
**TheBank **was based in 2014. It offers a web-based platform that permits customers to check and select monetary merchandise (loans, insurance coverage, and bank cards). It has established strategic partnerships with Customary Chartered and HSBC, and likewise insurance coverage corporations equivalent to Prudential Monetary and Manulife.
Trusting Social is another credit score scoring supplier for rising markets. It leverages AI, telecom knowledge, social media, net, and different knowledge to create another credit score rating. The corporate has raised an undisclosed quantity of funding in its pre-Sequence A spherical.
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