Fundiin raises $5 million investment in a Series A funding round from Trihill Capital and ThinkZone Ventures
19/10/2022 Fundiin, the leading Buy Now Pay Later (BNPL) fintech company in Vietnam, has successfully raised USD 5 million in a Series A funding round co-led by Trihill Capital and ThinkZone Ventures.
October 2022 – Fundiin announces closing of a series A round co-led by Trihill Capital and ThinkZone Ventures, and followed by existing investors including 1982 Ventures, Genesia Ventures, JAFCO Asia, Zone Startups Ventures, and Mrs. Do Thu Ngan, former Deputy CEO of Sacombank and former CFO & COO of JP Morgan Chase Vietnam.
Fundiin is a pioneer and leader in Buy Now Pay Later in Vietnam, helping retail partners and e-commerce sites increase sales by up to 30% by offering consumers to buy now, pay later with ease and convenience in terms of payment experience, smart and efficiency in terms of personal finance.
Fundiin currently has 3 zero-cost BNPL sub-products including Pay in 3 monthly installments, Pay in 30 days, and Recurring payments.
Fundiin has cooperated with more than 300 partners, having more than 4000 physical stores, including top brand names and market-leading retailers such as Mobile World, Dien May Xanh, Unilever, Galaxy Play, Reebok, Paula's Choice, Pigeon, VuaNem, Giant International, and others, leading to increases in the number of users by more than 5 times and total transactions by more than 7 times compared to last funding round 1 year ago.
Mr. Nguyen Anh Cuong, CEO and Co-Founder of Fundiin, said, “While credit card penetration rates in developed countries range from 50% to more than 70%, in Vietnam this rate is only 5%. This shows that Vietnam is a high potential market for BNPL to develop, and BNPL is also an important solution to promote financial inclusion and prevent loan sharks, one of the most important missions in the national financial inclusion strategy. As this is a big problem to solve, Fundiin is very proud to receive the partnership and support from strong investors, especially from ThinkZone Ventures which counts many of Vietnam’s leading conglomerates as LP’s, and from Trihill Capital for future expansion into Indonesia.”
Mr. Bui Thanh Do, Founding Member and Managing Director at ThinkZone Ventures, said “Vietnam's retail market has been growing very fast, along with the market demand for new payment solutions that are faster, more convenient, and less financially burdensome for consumers. Fundiin has solved this problem very well while ensuring the sustainable development of the BNPL model through its business indicators.”
Mr. Valerianus Ian Sulaiman, VP of Investments at Trihill Capital, said “Unlike the developed countries, Vietnam, and the broader Southeast Asia region, is largely underpenetrated by financial services. We believe that to properly underwrite the risk, besides technology capacity, a deep understanding of the local culture and nuances is also the key. And we see such understanding and underwriting capabilities in the Fundiin team.”
This new round of funding will help Fundiin expand at a faster pace and strengthen Fundiin's leading position in Vietnam, invest in the development of new products, and attract top talents before expanding to Indonesia at the upcoming series B round.
