Ex-Uber Vietnam exec’s flexible wage firm raises $6.4m

Nano, a Vietnam-based earned-wage access firm, raised US$6.4 million in a pre-series A round led by Openspace Ventures, with existing investors Golden Gate Ventures and FEBE Ventures participating.

Nano co-founders Thang Nguyen (left) and Dzung Dang / Photo credit: Nano

Vui, Nano’s flagship app, allows workers to access their salaries on-demand, giving them better control over their personal finances and cash flow.

Founded in 2020 by former Uber Vietnam general manager Dzung Dang and ex-Focal Labs founder Thang Nguyen, Nano aims to support mostly low- and mid-income workers in Vietnam, who are more vulnerable to loan sharks and payday loans. Last May, the startup also raised a US$3 million round in seed funding.

Nano says it has more than 100,000 users from companies such as FPT Retail, Central Retail, GS25, and Family Mart. The startup estimates that on average an employee uses the Vui app nearly 4x per month to access wages.

“Those workers need more flexible access to their earnings in volatile financial times, and employers need an edge in attracting a shortfall of talent,” Jessica Pouleur, partner at Openspace Ventures, said in a statement.

With the new funding, Nano, which is aiming to reach 500,000 users, will focus on onboarding large enterprises in the manufacturing sector, primarily within the garment, shoes, electronics, and wood manufacturing industries.

Additionally, it is looking to build a flexible benefits platform for low-income workers, expanding to include features such as bill payments and phone card purchases.

Other investors in this round include:

• Partech Partners
• Tekton Ventures
• KVision
• IT Farma
• Sketchnote Partners
• FJ Labs
• Venturra
• TO Ventures
• ACE & Company
• Goodwater Capital

See also: Disrupting the paycheck in SEA: a billion-dollar market with social impact?