Tired of living paycheck-to-paycheck? Say goodbye to empty pockets before payday and hello to Vietnamese fintech GIMO! They’ve just raised $12M in a Series A, adding to their $5.1M round in February.

• Founded in 2019, they let blue collar workers instantly receive their earned but unpaid wages anytime — even before payday.

Investor check. The round was led by TNB Aura. Existing investors Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator joined in.

• The round also saw new investors Genting Ventures, TKG Taekwang, George Kent and AlteriQ Global!

‍

🌏 EWAs in SEA

Earned wage access (EWA) is gaining popularity in markets with lower per-capita GDP and high underbanked populations.

Here are some popping up in SEA (see more rounds here):

• 🇮🇩Wagely raised $8.3M, GajiGesa raised $6.6M and Kini raised $4.3M.
• 🇲🇾 Paywatch $9M and Payd raised $1.7M.
• 🇹🇭 Salary Hero raised $2.8M.

‍

🇻🇳 The gap to fill

There’s a need for EWAs in Vietnam. Here’s why:

• Migrant workers. Two-thirds of industrial-zone workers send their income home, making monthly payments insufficient for unexpected expenses.
• What the youth want. The Everest Group’s research found that young workers prefer frequent or on-demand wages. Companies not providing this risk losing talent.

Swimming with the sharks. With 59% of Vietnamese workers having no savings, 38% in debt, and 14% struggling to repay debts on time, they're vulnerable to loan sharks. especially during holidays.

• Most face unreasonably high interest rates and even threats!

‍

👓 2023 vision

GIMO generates revenue through transaction fees, service fees for in-app financial services, and partnership agreements with businesses. They aim to reach profitability by 2028.

• With this $$$, GIMO plans to boost R&D, social impact initiatives, customer service, and partnerships!