GIMO - a startup that provides a flexible salary payment solution towards the goal of financial security for low- and medium-income workers in Vietnam, officially completed the Series A funding round, with a total mobilized capital of up to 17.1 million USD.

Accordingly, this funding round including equity and loan was completed after only 5 months since GIMO announced to receive US$5.1 million in February. The deal was led by TNB Aura Venture Fund with participation from existing GIMO investors such as Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures and Y Combinator. In addition, the funding round also saw the participation of new investors including Genting Ventures, TKG Taekwang, George Kent and AlteriQ Global.

Mr. Charles Wong, Co-Founder and CEO of TNB Aura Foundation shared: “We want to work closely with GIMO to help remove barriers to financial access for millions of unskilled workers in Vietnam. Especially in the current volatile economic context, the mission is to help millions of Vietnamese unskilled workers access digital financial solutions for them to "Live better. Making more fun” of GIMO is more important than ever.”

GIMO is currently providing a flexible payment solution for nearly half a million workers from medium and large multinational companies in Vietnam. Despite the economic difficulties in 2023, GIMO still recorded a growth rate of 15% and aims to serve 2.5 million workers by 2025.

“We believe that Vietnam is the right market to apply a flexible salary payment solution, providing comprehensive and stable finance for unskilled workers. At AlteriQ, we are continuously expanding and strengthening our relationships with leading businesses in many fields around the world, and the decision to finance a partnership with GIMO is our first deal in Vietnam. Therefore, we are very excited to accompany Mr. Quan as well as the GIMO team to expand the scale of operations, thereby contributing to improving the financial health of the unskilled labor community in Vietnam", said Mr. Zhi Yong Heng - CEO of AlteriQ Global.

The Series A investment will be used by the company to drive innovation and market scale, specifically as follows:

• Product development: The investment is used to strengthen research and development activities for new products, through which the company will launch many community-oriented products and initiatives, helping unskilled workers avoid the risks of debt traps and black credit, contributing to improving financial safety and well-being.
• Adding value for employees : With a commitment to always bring positive value to unskilled workers, GIMO will continuously innovate and improve to optimize user experience, at the same time deploy more social activities as well as expand the network to reach more unskilled workers.
• Developing strategic partnerships : GIMO will promote strategic cooperation with partners, thereby launching cooperation programs to support disadvantaged workers.

“We are very excited to officially complete the Series A funding round. It can be said that this round of funding shows the strong confidence and support of investors in GIMO. This investment will bring us closer to our vision of promoting financial inclusion; help improve products and bring positive impact to disadvantaged communities in Vietnam.” Mr. Nguyen Anh Quan - General Director and Co-Founder of GIMO shared.

According to KPMG's 2022 report, users typically receive early pay two to three times per month – the same frequency as weekly or biweekly paychecks, to cover different fees. The flexible salary solution not only helps them to cover their expenses but also their daily living expenses, thereby helping them feel more secure in life.