Vietnam’s Got It eyes peer-to-peer gifting as it boosts profits

Consumer spending is growing among Vietnam’s rising middle class, and gifting-slash-rewards platform Got It is poised to take advantage – if it hasn’t already.

The platform, which offers digital gift cards to be used as cash or exchanged for products from brands like Procter & Gamble and KFC, generated almost US$6.3 million in revenue for 2022. That’s a 26.8% increase compared to the previous year, according to financial statements available on Alternatives.pe.

Bruce Moulin, Got It’s founder and CEO, tells Tech in Asia that revenue has continued to grow, rising by about 49% year on year in 2023.

Photo credit: Got It

So has its bottom line. In 2022, Got It had US$375,000 in net profit. By 2023, Moulin says the number grew about 2.8x, thus continuing a profitability streak that began in 2021.

“Cash flow is very healthy, as is cash on hand,” Moulin adds.

First mover

Got It is “pretty much 99% B2B,” according to Moulin. Clients use its gift cards for human resource purposes – such as team-building gifts and employee welfare packages – or as corporate tokens for their partners or customers. The firm also offers gamification and loyalty solutions that can automate a client’s rewards program.

Part of the reason for this traction is its first-mover advantage. Founded in 2015, Got It was the first company of its kind to go digital in Vietnam, says Moulin. It had expanded its vouchers’ scope from just offline stores to their brand partners’ websites and apps.

Then there is the firm’s consistently growing merchant base, the founder says. Procter & Gamble, KFC, and Starbucks are just three of over 3,000 companies in Got It’s network.

Combined, these brands have helped Got It issue more than 1 million vouchers every month.

In addition to brand recognition, Moulin shares that its release of “splittable vouchers” helped the firm bump up usage. With this feature, the founder says that the company wanted to offer “a voucher that everyone can use, and it’s almost as good as money.”

This brings benefits to its partner brands as well. Moulin explains that since the feature splits vouchers into multiple uses, it increases the number of times consumers view their products.

From B2B to P2P

Staying profitable in 2023 was “pleasing,” says Moulin, because it happened even though Got It “invested heavily in future products.” One notable growth initiative from last year was the establishment of an in-house AI team.

“It was not cheap to do that,” Moulin shares. “It’s not just the hourly costs, the salaries, the packages, but also the cost of service, the cost of the cloud, and the cost of the hardware.”