ThinkZone Ventures once invested in GIMO in the Seed capital round. We have also shared about stories and good values that GIMO brings to businesses and workers. Returning to this capital round, ThinkZone Ventures wants to share more about this value, the startup's development potential and the numbers proving the growth ability of this flexible payroll application. 

 

INTRODUCTION TO GIMO

GIMO, a fintech startup providing flexible salary payment and receipt solutions, targets businesses and unskilled workers in Vietnam. Through GIMO's solution, workers can receive their salary sooner anytime, anywhere with an amount corresponding to the number of working days worked, with just a few taps on the GIMO application. 

GIMO's products focus on millions of unskilled workers in Vietnam. They are the most vulnerable to financial instability, facing unexpected expenses that are difficult to manage. Because this person's income is only enough to cover monthly expenses, there is no extra money to prevent emergencies such as sick children, tuition fees,... 

Faced with such financial pressures, many workers have had to find many different ways to borrow to meet their immediate financial needs. However, the existing methods still have many problems such as too high interest rates, needing collateral, taking a long time to process procedures,... making it difficult for workers to access. According to a survey from the Vietnam General Confederation of Labor, more than 30% of workers are always in a state of poverty, often borrow and have no savings in the past 5 years. 

 

BRING ADDED VALUE TO BUSINESSES

Financial pressure can affect the quality of work, and employers. Compilation of data from Forbes 2018, Researchgate 2004, PwC 8th annual employee financial wellness survey 2020 shows that employees' financial worries can increase the rate of taking time off by 5 times to resolve personal problems. This can also double the risk of health problems and four times psychological problems and depression, affecting employee performance, while financial pressure also reduces employee attachment to the company. 

After reaching out to many businesses, the GIMO application has received many positive responses. According to a GIMO survey on the impact of this solution on businesses and workers, more than 80% of workers feel more satisfied with the company's policies from receiving benefits after using the flexible salary application. 

 

EXPANDING MARKET FOR FINANCIAL SERVICES

In general, Vietnam is a very open market for the development of financial services. According to statistics from Merchant Machine in 2021, Vietnam ranked 2nd worldwide with 69% of people not having access to financial services or having a bank account. In the Southeast Asia region, about 290 million people have no or little access to formal banking and financial services (according to the World Bank). These conditions are encouraging fintech startups like GIMO to grow strongly. 

In fact, the flexible salary model has been applied in many developed countries in Europe and America, helping many large corporations such as Walmart or Paypal improve human resource management indicators. Bringing the model to Vietnam, GIMO is highly appreciated by businesses and corporations for increasing employee attachment to the company.

 

BIG MARKET SHARE  

In terms of the labor market in Vietnam alone, there are currently 277 industrial parks providing jobs for unskilled workers, with an estimated 11 million unskilled workers working for FDI enterprises here. A large customer base and few competitors create opportunities for GIMO to expand the market and continue to grow for many years to come. 

 

IMPRESSIVE GROWTH INDEX

After only nearly two years of establishment, about 500,000 workers from 100 large businesses and unions have accessed GIMO's flexible salary solution. By the end of 2022, GIMO's transaction volume had increased 11 times and revenue had grown 24 times compared to the same period last year. This is an impressive number that proves the extremely great need of unskilled workers in Vietnam for personal financial solutions.

 

CAPACITY OF THE FOUNDING TEAM

Accompanying GIMO from the seed capital round, ThinkZone Ventures has had a long time working with the founding team. We can see that through the co-founders' solid experience in the fintech sector, their leadership capacity and enthusiasm for the product can take GIMO very far. And in fact, GIMO is currently one of the fintech startups with the most impressive growth rate in Vietnam. Nguyen Anh Quan, CEO & Co-founder of GIMO, used to hold important positions at financial companies such as Citibank, IDG Capital, and Leadvisors Capital. Nguyen Van Ngoc, CPO & Co-founder of GIMO, built a personal finance application with more than 100 million users and many other phone applications. 

 

ThinkZone Ventures is very pleased to continue investing and accompanying GIMO. We will bring the best resources to join GIMO in bringing flexible payment and salary payment solutions to millions of unskilled workers across the country, and together carry out the mission of "Live better, work happier".