Vietnamese startup OnOnPay gets seed funding to make mobile top-ups less of a pain

Vienamese startup OnOnPay, a top-up tool for prepaid mobile subscribers, announced today it received an investment round from Captii Ventures. Founder and CEO SyPhong Bui revealed the seed round was at six digits, but did not state the exact amount.

OnOnPay is the first investment in Vietnam for Singapore-based Captii Ventures.

Equipped with fresh funds, OnOnPay’s plan is to scale across Vietnam and to market more aggressively in order to acquire customers and partners. It wants to build a firm base from which to tackle the regional market in the future.

The startup tackles a known pain point. Topping up prepaid phones the regular way usually requires navigating complicated menus and multiple text inputs. OnOnPay makes this process simpler and lets people top up via its website or smartphone app with a few clicks. In addition, it offers things like rewards, extra credit, coupons, and gift certificates to loyal users.

The startup launched in June and was part of the HubIT incubator in Hanoi. OnOnPay claims to be growing rapidly, both in terms of users and the amount of transactions. It says the service is pulling in close to US$10 in average revenue per user (ARPU), whereas the average ARPU in Vietnam is at US$4.

The key to this success, the company says, is a twofold approach. First, there is a strong focus on user experience. The goal is to make the app easy to use and convenient. Second, it makes sure to deliver meaningful rewards to its customers, by bringing on board partners such as Uber, GrabTaxi, and local brands that enjoy a good reputation.

The announcement of the investment comes just three months after OnOnPay participated in the startup pitch battle at Tech in Asia Singapore 2015. It came in third from a lineup of nine participants.