Vietnamese BNPL startup scores backing from 1982 Ventures

Buy-now, pay-later startup Fundiin said it has raised an undisclosed amount of funding led by 1982 Ventures and Zone Startups Ventures.

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

Fundiin said it will use the new capital to fuel its market expansion efforts and onboard more merchants. 1982 Ventures managing partner Scott Krivokopich has also joined the company board.

Founded in 2019, Fundiin aims to help retail merchants increase conversion and average order value and reach new customers by providing an interest-free monthly installment payment option.

The Vietnam-based company claims its offering can help drive as much as a 30% increase in sales for its partner merchants.

Globally, the BNPL market was valued at US$7.3 billion in 2019 and is expected to reach US$33.6 billion in 2027, growing at a compound annual growth rate of 21.2%, according to Coherent Market Insights.

Players in the Southeast Asia region include Indonesia-based Akulaku, which received US$40 million in funding from Ant Group, as well as Hoolah, which raised an “eight-figure” series A round led by Allectus Capital.

See also: Southeast Asia’s biggest buy now, pay later players

Meanwhile, Vietnam’s internet economy is also growing annually at a 40% rate, along with the expansion of its middle-class population. However, credit card penetration in the country still stands at only 4%, Fundiin said in a statement.