Miguel Cordon · · 1 min readVietnamese P2P lending platform VayMuon closes seed round
Vietnamese peer-to-peer lending platform VayMuon has received an undisclosed amount of seed funding from ecommerce-focused Nexttech Group, its current strategic investor, in exchange for 20% equity.
The signing ceremony of the strategic partnership between VayMuon and Vietinbank Insurance. / Photo credit: VayMuon
With the new funds, VayMuon plans to improve its current technologies through AI investments, launch more products by leveraging Nexttech’s multisector ecosystem, and support its expansion into Myanmar, Cambodia, and Thailand.
The company is also looking to close its series A round, which would range from US$5 million to US$10 million, by the end of this year, it said in a statement.
VayMuon also signed a strategic partnership with insurance firm VietinBank Insurance (VBI). VBI head executive Trang Dao said that the company “will help repay loans on behalf of unfortunate borrowers who encounter unforeseen risks.”
VayMuon claims to have over 2 million customers and more than 400,000 individual investors on its platform to date. Through its technology, it automates loan approvals and credit assessment and scoring.
Editing by Charmaine de Lazo
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