Fintech growth in Vietnam is currently accelerating. Companies in that sector attracted US$117 million last year. Fintech surpasses e-commerce at US$104 million according to the latest data. In other words, investors are eager to take apart in Vietnam’s fintech growth. Here are the top 5 funded fintech in Vietnam.
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M_Service provides financial service to the low-income population in Vietnam. It gives services through Momo brand. Momo started by offering e-wallet and mobile payment app. It enables the customer to make an online payment and access peer-to-peer service.
It has expanded its services into bills payment, games credit, mobile top-up, and ticket payments. Momo earned nearly 10 million users per October 2018. The startup has raised US$133.8 million funding.
TomoChain is a public blockchain. It aims to provide faster and cheaper transactions. TomoChain designed to support decentralized applications. Its system relies on 150 Marternodes with Proof of Stake Voting (PoSV). As a result, it provides near-zero fee and only two second transaction time.
After two years of research and development, TomoChain launched its main net in the December, 2018. It raised US$ 8.5 million in its initial coin offering (ICO) last year. It is backed by well-known investment firms like Signum Capital, Connect Capital, and 1 KX.
Tima launched in 2015. It is a marketplace and peer to peer lending platform. The company has signed a partnership with some financial institutions. It includes Vietin Bank and Nam A Bank. Tima claims to have disbursed about US$1.7 billion in loans from 30,000 lenders.
It has raised US$ 3 million Series B funding round last October. Besides, it now begins to raise a Series C investment round after hiring former LendingClub CEO, John Donovan.
Finhay is a wealth management platform launched in 2017. It enables millennials to micro-invest in mutual funds in Vietnam. They can start with VND 50,000 (around US$ 7). The platform has more than 13,000 users with over VND 7 billion (US$ 299,145) total investment. The company has partnered with 18 financial companies and banks to facilitate the transactions.
Australia based H2 Ventures and VNDirect Securities Joint Stock Companies back Finhay. Thus, it has raised US$ 1.1 funding.
The last company in top 5 funded fintech is OnOnPay. OnOnPay was established in 2015. It allows users to top up their prepaid phones. Besides, users can also win rewards in the form of extra credit and coupon. OnOnPay targets the unbanked population of Vietnam. The company raised US$ 800K in late 2018.