Sequoia-backed fintech firm bags $65m in series C money

Vietnam-based fintech firm Trusting Social has raised US$65 million in its series C round from The Sherpa Company, a unit of Masan Group Corporation.

The Trusting Social team / Photo credit: Trusting Social

With the deal, Trusting Social and Masan aim to develop an AI-based consumer tech platform that will offer customized retail and consumer financial products in Vietnam. The latest investment will also help Masan leverage Trusting Social’s AI system for things like retail store selection, demand and supply planning, and product assortment and development.

Founded in 2013, Trusting Social seeks to drive financial inclusion by generating credit insights from over a billion consumers. It provides this information to more than 170 financial institutions across Vietnam, Indonesia, India, and the Philippines. The company is backed by Sequoia Capital, Beenext, Tanglin Ventures, 500 Global, Kima Ventures, and Genesis Alternative Ventures, among others.

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Meanwhile, Masan is a Vietnam-based company that operates in the food processing industry. It’s involved in sectors like food and drink manufacturing, trading, and distribution, as well as consumer product retailing.

“Walmart has invested heavily to develop an AI and [machine learning] platform and has leveraged it to become the leading offline and online daily consumer life platform,” said Masan Group CEO Danny Le. “The Trusting Social partnership provides Masan a similar cutting edge AI and ML platform but tailored for 100 million Vietnamese consumers.”