Fundiin, a buy-now, pay-later startup company in Vietnam, closed an oversubscribed seed round with participation from Genesia Ventures, JAFCO Asia, Xffirmers, Trihill Capital, and existing investors 1982 Ventures and Zone Startups Ventures.
The funds will be used to expand operations, strengthen executive team and further accelerate growth ahead of Fundiin’s upcoming Series A round.
Fundiin is the zero-cost buy-now-pay-later startup company in Vietnam, helping retail merchants increase sales by up to 30% by allowing consumers to buy now, pay later, instantly at point of sale and free of charge.
The closing of an oversubscribed seed round from leading Japanese funds Genesia Ventures, and JAFCO Asia, along with former Affirm executives (Xffirmers), Trihill Capital, Mr. Pham Le Nhat Quang and existing investors 1982 Ventures and Zone Startups Ventures. The round was quickly oversubscribed and closed in three weeks, according to the Fundiin’s announcement.
“Having the support of our new global investors will strengthen Fundiin’s market leading position, provide access to new capital pools and extensive BNPL expertise.” He continued, “Lending products have earned a bad reputation as money-draining traps that leave consumers stuck in a cycle of debt. Vietnamese consumers are in urgent need of products like Fundiin that work for them and protect their interest.” Nguyen Anh Cuong, CEO and Co-Founder of Fundiin told Vietnam Insider.
Fundiin was founded by fintech veterans Nguyen Anh Cuong (CEO) and Vo Hoang Nam (CTO), to provide consumer friendly payment options to Vietnam’s population of 97 million and rising middle class consumers. Fundiin launched its BNPL product in mid 2020 and works with over 100 merchants including some of the country’s largest retailers such as Lug, Vua Nem, Mat Viet, Giant International.
Takahiro Suzuki, General Partner at Genesia Ventures spoke with reporter “We are excited to be on the journey with Fundiin to increase Vietnam’s e-commerce adoption rate through Buy Now Pay Later service – which is friendlier payment option for Vietnamese consumers. We believe that increasing the number of financial options for people will eventually lead to realize a prosperous society. Fundiin has convinced us that the company does not only provide a payment solution but also take on the challenge of making a significant contribution to the Vietnamese economy in the future.”
“Buy Now Pay Later (BNPL) solution has long been popular in the world but this model has shown potentials in SEA only in recent years. Given the largely untapped market, Fundiin’s advanced technology and its partnership with SAPO, we believe Fundiin has great potentials to expand their lead in Vietnam and become the leading BNPL player in the region. Cuong and Nam possess strong local knowledge and technical capability to lead the company to a greater height and we look forward to supporting them along the way.” Amy Do, Investment Manager at JAFCO Asia said.
Eric Kobe, investor at Xffirmers and former Vice President at Affirm, stated, “We only invest in the best new BNPL players around the world, and it was clear that Cuong and his team were the right partners for our first investment in Southeast Asia. As pioneers in the BNPL space, we provide earned insights to fintech founders on the right way to scale.”
Scott Krivokopich, Managing Partner at 1982 Ventures and Fundiin Board Member said, “Fundiin is much faster, easier and free for consumers, making it fundamentally better than credit cards, installment loans and mobile wallets’ lending products. Instead of charging consumers high interest rates and hidden fees, Fundiin provides a zero-cost payment option that supports Vietnamese retailers’ increased conversion, average order value and reach to new customers.” 1982 Ventures co-led Fundiin’s initial VC round with Zone Startups Vietnam announced in early 2021.
Fundiin’s latest funding round coincides with several key hires and surging demand from both consumers and merchants, including the recently announced partnership with Sapo’s 100,000 merchant.