Fundiin Secures $5 Million in Series Funding
Fintech Buy Now Pay Later (BNPL) Trihill Capital and ThinkZone Ventures successfully led a $5 million Series A fundraising round for Fundiin. With the current round of investment, Fundiin will be able to grow more quickly and enter Indonesia in the future series B round.
- The fintech concept of "buy now, pay later" A Series A investment round co-led by Trihill Capital and ThinkZone Ventures saw the fundraising of $5 million for Fundiin. In the future series B round, the new round of investment will assist Fundiin in expanding more quickly and into Indonesia.
- Since the last investment round a year ago, Fundiin has worked with more than 300 partners to expand the number of users by more than five times and the total number of transactions by more than seven times.
Fundiin will be able to advance its position in Vietnam attributable to the agreement. Before extending to Indonesia in the forthcoming series B round, it will also help create new goods and draw top talent.
According to Nguyen Anh Cuong, CEO and co-founder of Fundiin, just 5% of Vietnamese consumers use credit cards, thus there is a sizable potential market for BNPL to grow. BNPL, he continued, was a crucial strategy for promoting financial inclusion and preventing loan sharks.
The business said it has helped e-commerce sites and retail partners improve sales by up to 30%. Since the last funding round a year ago, Fundiin has increased the number of users by more than five times and the total amount of transactions by more than seven times by working with more than 300 partners, including well-known brands and market leaders like Mobile World, Dien May Xanh, Unilever, Galaxy Play, Reebok, Paula's Choice, Pigeon, Vua Nem, and Giant International.
Bui Thanh Do, a founding member and managing director of ThinkZone Ventures, claims that the need for innovative payment solutions that are quicker, more convenient, and less expensive for customers has increased along with the rapid growth of the retail industry in Vietnam. By using its business metrics, Fundiin has found a solution to this issue while ensuring the BNPL model's long-term viability. Zero-cost BNPL sub-products: recurring payments, paid in three monthly installments.
In addition to technological capability, Valerianus Ian Sulaiman, vice president of investments at Trihill Capital, said that Fundiin has a profound awareness of local culture and subtleties, which is essential for accurately ensuring the risk of BNPL.
Along with Fundiin, BNPL service provider Home PayLater recently received an investment of about $8.7 million from Home Credit. According to Research and Markets "Vietnam Buy Now Pay Later" market research published in August, BNPL payments in Vietnam are anticipated to increase by 79% annually to exceed $2 million by the end of this year.
The analysis also projects that by 2028, the country's BNPL gross merchandise value will have risen from over $1.2 million in 2021 to more than $11 million.
Adapted from vir.com.vn