Vietnam’s Touchstone invests $2m total in 2 startups

Touchstone Partners, a Vietnam-focused venture capital firm, has committed US$1 million each to fintech company Credify and edtech platform Prep. The investments were announced at the VC’s Touchstone Day conference.

(From left) Credify co-founders Shuichi Nagao and Makoto Tominaga with Touchstone partners Tu Ngo and Khanh Tran / Photo credit: Touchstone

Credify is building a platform that connects financial service companies with consumers through its ServiceX solution. It has partnered with ecommerce sites to offer multiple financial options. Users that meet Credify’s criteria will see relevant offers such as a buy now, pay later offering or insurance when shopping.

The company, which uses blockchain and cryptography for data security and privacy,  is also looking to create encrypted tech for cross-border transactions. Credify already has an established client base in Vietnam, which includes firms such as OCB, Chotot, Housecare, and HD Insurance.

Makoto Tominaga and Shuichi Nagao launched Credify in 2019, setting up its headquarters in Singapore and operations in Vietnam and Japan.

Meanwhile, Prep offers an interactive learning platform for standardized tests. It features video lessons, virtual test rooms, AI-enabled exercises, and personal sessions with teachers. The company has published over 100 courses, 600 lessons, 500 videos, 5,000 exercises, and 200 mock tests for IELTS, high school graduation exams, and TOEIC.

Founded in 2021 by Tu Pham, Prep has received US$1 million from Touchstone as a part of its seed round. In 2023, the edtech firm plans to expand its team to offer other languages on its platform, such as Chinese, Korean, and Japanese.

Prep’s long-term goals include creating AI marking tools, and offering test reviews for a greater number of professional certificates.

Other than edtech and fintech, Touchstone invests in other industries including agritech, healthtech, and real estate. Its investment capital comes from Pavilion Capital and Vulcan Capital as well as other governmental and private financial institutions.

See also: These are the most active investors in Vietnam’s startups