Currently, Vietnam is one of the most dynamic start-up countries in Asia, an emerging digital ecosystem that is exploding with increasing funding from abroad…
In 2021, Vietnamese startups raised a total of $1.5 billion, according to business consulting firm Nextrans Vietnam. In which, Fintech leads the way in venture capital (VC), accounting for 26.6% of total investment in startups in 2021, showing confidence in the prospects of financial innovation in the country.
The following are the top seven fintech companies in Vietnam today, according to the summary of Fintechnews.
VNLIFE
VNLife was established in 2007 with its head office in Hanoi. This is the parent company of fintech company VNPay, the leading digital payment company in Vietnam. VNPay operates a network of nearly 200,000 points nationwide, allowing users to pay via VNPay-POS, VNPay-QR and VNPay-QR payment gateway.
VNPay-POS is an “all-in-one” solution, meeting all payment needs and supporting merchants to operate, optimize costs and grow revenue.
VNPay-QR is a QR code payment solution integrated into more than 30 mobile banking applications, VNPay wallet and eight other e-wallets. VNPay affirmed that VNPay-QR is the largest interactive cashless payment network in Vietnam, with 22 million users.
VNLife operates an ecosystem that includes a diverse portfolio of systems and services, from banking and financial services, to e-commerce websites and flight booking services.
VNLife raised $250 million in July 2021 in a funding round led by General Atlantic and Dragoneer Investment Group.
M_SERVICE
M_Service was founded in 2007 with headquarters in Ho Chi Minh City, is the operator of MoMo, the leading mobile wallet in Vietnam that allows users to make digital payments, transfers, and payments single, etc.
As one of the fastest growing fintech companies in Vietnam, M_Service strives to build a full-fledged financial ecosystem for users, small businesses and financial service providers. As of June 2022, the company has more than 31 million users, 50,000 domestic partners and 140,000 payment acceptance points nationwide.
M_Service is one of the most valuable private fintech companies in Vietnam and has received the best funding, reaching a value of USD 2.27 billion and has raised a total of USD 433.7 million from investors. Investors include Mizuho Bank and Warburg Pincus.according to CB Insights
SKY MAVIS
Sky Mavis was established in 2018 with headquarter in Singapore and office located in Ho Chi Minh City. It is a company that develops blockchain games and products, and is also the parent company of Axie Infinity, one of the most popular cryptocurrency applications to date with over 2 million active users. daily.
Axie Infinity is an online video game that allows players to earn and mint non-fungible tokens (NFTs) that represent digital pets known as Axies. Axie Infinity players can also purchase virtual land and other assets as NFTs.
According to LinkedIn, Sky Mavis has raised $311 million from investors including Andreessen Horowitz, Accel, Paradigm and Mark Cuban, and is valued at $3 billion, according to CB Insights.
TRUSTING SOCIAL
Trusting Social was established in 2013, is a provider of credit support solutions based on data base from artificial intelligence (AI). The company combines telecommunications data and other new data sources to enable unbanked, unbanked consumers access to formal credit in emerging markets.
Headquartered in Singapore and operating across Vietnam, Indonesia and India, Trusting Social claims it is the largest credit risk profile provider in Asia, covering over 1 billion consumers through partnerships with more than 130 financial institutions and service providers including CIMB, Sacombank, UOB, UnionBank and Grab.
Trusting Social is a startup that has been funded by Sequoia Capital, 500 Startups, Kima Ventures and Genesis Alternative Ventures, among others. Trusting Social successfully raised $65 million in Series C funding in April 2022.
TIMO
Timo was founded in 2015, currently headquartered in Ho Chi Minh City, is the first company in Vietnam to offer a free, easy and convenient digital banking experience.
Timo’s digital banking solution provides users with a free ATM card or can also use the Timo mobile app to pay bills, mobile payments, etc. Other products Offered by the company includes Visa credit cards, buy now, pay later (BNPL) options and loans, as well as investment and insurance products offered by partners.
Timo does not have a banking license, instead it cooperates with Viet CapBank. Reportedly, Timo raised $20 million in January 2022 from Square Peg, FinAccel, Airwallex and others.
FINHAY
Finhay, founded in 2017 and headquartered in Hanoi, is a licensed brokerage company operating an asset management platform for individual investors to access digital financial products. The platform uses machine learning (ML) to identify and recommend investments to investors. The company started with fund certificates as its sole product before expanding into stock trading, savings products, gold trading, insurance products and cashback programs.
Finhay claims to now have more than 2.7 million registered users, making it the leading digital investment platform in Vietnam. The company raised $25 million in a Series B funding round in June, which was the only investment disclosed. In addition, they said they will use the proceeds to invest in business expansion strategies, talent acquisition and technology development with backing from parties including Openspace Ventures and Vietnam Investments Group.
NANO TECHNOLOGIES
Nano Technologies, founded in 2020 and headquartered in Hanoi, is the operator of Vui – a mobile application that allows workers in Vietnam to access their earned wages and provide employees with employer a cost-effective flexible benefits platform.
The company claims to have served more than 100,000 workers from leading corporations such as FPT Retail, Central Retail, GS25 and Family Mart. In August, during the Series A round, the company raised $6.4 million from investors to expand solutions and partner with major players in the manufacturing sector, focusing on apparel. , footwear, electronics and wood production. This new funding round comes a year after Nano raised $3 million in a seed funding round from back-to-back investors like Golden Gate Ventures and Venturra Discovery.
Nano Technologies has been featured in KPMG and HSBC’s top ten 2022 emerging tech giants in Vietnam.
Source: vneconomy.vn