202123 Nov

Vietnamese payroll services startup GIMO raises $1.9m led by Integra Partners


Vietnamese fintech startup GIMO, which offers on-demand payroll services for blue-collar workers, has announced raising $1.9 million in a seed+ round led by Singapore’s Integra Partners. The fundraising comes amid a pandemic-induced demand for more convenient payroll services, and the interest that venture capital investors have shown in startups in the nascent earned wage access (EWA) segment. GIMO’s co-founder and CEO Nguyen Anh Quan told DealStreetAsia that the round was oversubscribed as the company received multiple offers from both local and regional VCs. Some businesses that currently partner with GIMO include Austdoor Group, a local manufacturer and supplier of door solutions and high-tech building materials, and Ba Sao, a pioneer in catering services in Vietnam. With the fresh funding, the company plans to allocate more resources for hiring senior engineers, strengthening risk management competencies, and integrating advanced technologies such as data analytics and artificial intelligence to enhance customer experiences.

Source: Dealstreetasia