Gabriel Budi Sutrisno · · 2 min readVietnamese BNPL firm raises $5m in series A round
Fundiin, a Vietnam-based buy now, pay later (BNPL) company, has raised US$5 million in a series A round co-led by Trihill Capital and ThinkZone Ventures.
Other investors participating in the round include 1982 Ventures, Genesia Ventures, Jafco Asia, Zone Startups Ventures, as well as Do Thu Ngan, a former executive at Sacombank and JP Morgan Chase Vietnam.
The Fundiin team/ Photo credit: Fundiin
Founded in 2019, Fundiin aims to help retail merchants and ecommerce sites increase conversion rates and average order value, as well as reach new customers through its interest-free monthly installment payment option.
It was one of the earliest local startups that tapped into the BNPL space, a promising segment considering the country’s 5% credit card penetration rate.
The startup says it currently offers three BNPL products: the first allows users to pay in three monthly installments, the second lets them make payments in 30 days, and the third is a recurring payments feature.
The firm has cooperated with more than 300 partners, which have over 4,000 physical stores. Its number of users has increased by over 5x and total transactions by over 7x since its US$1.8 million seed round announced last year.
Fundiin will use the fresh funds to develop new products and accelerate its expansion plans as it aims to enter Indonesia during its upcoming series B raise.
Editing by Miguel Cordon, Thu Huong Le, and Jaclyn Tiu
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