Vietnamese BNPL startup Fundiin partners with ecommerce firm Sapo

Vietnam-based Fundiin is set to provide buy now, pay later (BNPL) services to B2B ecommerce company Sapo, integrating the payment option at checkout for over 100,000 merchant clients on the online shopping platform.

Fundiin, which is backed by 1982 Ventures, claims that its BNPL solution can increase a retailer’s sales by 30% without the need of a credit card or an application.

Fundinn co-founders: Vo Hoang Nam (left) Nguyen Anh Cuong / Photo credit: Fundiin

Under the partnership, eligible Sapo merchants can offer customers the option to split their orders into three interest-free monthly installments.

Established in 2008, Sapo provides vendors with Sapo POS, a sales management software. The ecommerce player also launched Sapo Market, a marketplace integrated into the Sapo POS that allows shop owners to buy goods directly from manufacturers and wholesalers. In return, these manufacturers or wholesalers can reach more shops and have more data-driven insights.

“The Covid-19 pandemic created a wave of digital transformation and strong investment in omnichannel solutions for the retail industry,” said Nguyen Anh Cuong, co-founder and CEO of Fundiin. “This shift to online shopping in Vietnam has created an urgent need for a simple and more affordable payment options for customers.”

See also: The key players in Vietnam’s fintech battleground

The development comes amid a BNPL boom in Southeast Asia as the alternate payment option has bolstered consumers’ purchasing power amid a pandemic-driven shift to online shopping.

Similarly, about 19% of Singapore’s population above the age of 16 has tried a tech-enabled BNPL service such as Hoolah, Atome, or Grab PayLater.