GIMO, the Fintech Startup, Successfully Raises $17M in Recent Funding Round
GIMO, a fintech startup based in Vietnam, has successfully concluded its Series A funding round, raising $17.1 million. The company aims to provide flexible salary payments to blue-collar workers, and the funding round was led by venture fund TNB Aura, with participation from existing backers including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator, according to a press release.
Charles Wong, the founding partner of TNB Aura, expressed excitement about collaborating with the GIMO team to enhance financial inclusion for millions of blue-collar workers in Vietnam.
GIMO offers near-instant payroll services to blue-collar workers, enabling them to access their earned salary through a mobile app integrated with the company’s payroll system. The app also allows users to track their workdays and daily earnings. Currently, GIMO serves 500,000 workers from medium to large-sized multinational manufacturing companies across Vietnam.
Despite the economic slowdown in 2023, GIMO has demonstrated a solid growth rate of 15% and aims to reach 2.5 million underbanked employees by 2025. The recently secured funding will be utilized to further develop GIMO’s products, improve customer experience, and establish strategic partnerships.
Research conducted by professional services firm KPMG in 2022 revealed that, on average, users withdraw their earned pay two to three times per month, mimicking bi-weekly and weekly pay cycles. The introduction of a flexible pay cycle alleviates financial burdens for blue-collar workers, enabling them to address emergencies and cover everyday expenses.