Vietnamese EWA startup Gimo adds $12m to series A round

Miguel Cordon - Jaclyn Tiu Thursday | 07/27/2023 14:00

Photo courtesy of Gimo.

Gimo, an earned-wage access player in Vietnam, has raised US$17.1 million in its series A round led by TNB Aura.

Participating investors also include Y Combinator, Integra Partners, ThinkZone Ventures, AlteriQ Global, among others. This series A round was closed just five months after the company secured US$5.1 million in the first tranche.

The fresh funds will be used to expand Gimo’s operations and develop new products. The company also plans to improve customer support services and form partnerships to launch new social impact initiatives.

Founded in 2019, Gimo allows workers to collect their salaries before their regular payday. When payday arrives, employers transfer their employees’ salaries to the EWA startup to settle the balance.

Currently, Gimo serves 500,000 workers in medium- to large-sized manufacturing companies across Vietnam. It aims to cater to 2.5 million underbanked workers in the country by 2025.

Quan Nguyen, Gimo’s co-founder and CEO, previously told Tech in Asia that the startup wants to be profitable by 2028.

“We believe that the Vietnam market is ripe for the adoption of earned wage access, which will drive financial inclusion and stability for the underserved,” Zhi Yong Heng, managing partner of AlteriQ Global, said in a statement.

Source: Tech in Asia