TNB Aura leads $17m Series A for Vietnam's Gimo
TNB Aura has led a USD 17.1m Series A round for Gimo, a Vietnam-based start-up that operates a wage access platform aimed at underbanked workers.
Other new investors include the corporate venture capital arms of Malaysian property developer Genting, South Korean footwear manufacturer TKG, and Malaysian engineering player George Kent. Asia-focused private credit provider AlteriQ Global also came into the round, which comprised debt and equity.
In addition, there were re-ups from Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator. A first close of USD 5.1m came five months ago.
Gimo currently serves 500,000 workers in nearly 100 medium to large-sized multinational manufacturing operations across Vietnam. The company claims that, despite slower economic growth this year, business is expanding at an annualised rate of 15%. It remains on track to reach 2.5m underbanked employees by 2025.
On signing up a corporate customer, Gimo assesses and audits payroll processes to arrive at a best-fit solution, creates a dashboard that integrates human resources data such as attendance records, and gives employees access to an on-demand pay app that supports monthly reconciliation.
The Series A proceeds will go towards product development, including the introduction of social impact initiatives, enhancing the customer service offering, and establishing strategic alliances. Quan Nguyen, Gimo’s co-founder and CEO, added at the investment “will enable us to drive our vision forward.
“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,” said Zhi Yong Heng, a managing partner at AlteriQ, in a statement.
“Our decision to support Gimo marks our debut in Vietnam, and we are excited to work with Quan and his team to scale their operations and create a positive impact on the financial wellbeing of the underserved communities.”
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