Fundiin has announced the 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, former deputy CEO of Sacombank Do Thu Ngan.
Fundiin is a pioneer in buy now pay later (BNPL) in Vietnam, helping retail partners and e-commerce sites increase sales by up to 30 per cent by offering consumers to buy now, pay later with ease and convenience in terms of payment experience, smart and efficient 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 4,000 physical stores, including such brand names as Mobile World, Dien May Xanh, Unilever, Galaxy Play, Reebok, Paula's Choice, Pigeon, Vua Nem, Giant International, etc. This has led to an increase in the number of users by more than 5 times and total transactions by more than 7 times compared to the last funding round 1 year ago.
Nguyen Anh Cuong, CEO of Fundiin said that while credit card penetration rates in developed countries range from 50 per cent to more than 70 per cent, the rate in Vietnam is only 5 per cent.
"This shows that Vietnam is a high-potential market for BNPL to develop. 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," said Cuong.
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,” Sulaiman added.
Bui Thanh Do, 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,” said Do.
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.