1982 Ventures Announces Investment into Leading Vietnam Buy-Now, Pay-Later Fundiin
March 31, 2021
From Left: Fundiin CTO, Vo Hoang Nam (formerly TP Bank, VNG, Momo) and CEO, Nguyen Anh Cuong (formerly VNHAM).
- Fundiin, leading buy-now, pay-later service provider in Vietnam, raised an undisclosed amount from 1982 Ventures, Zone Startups Ventures and prominent Vietnamese angels.
- Fundiin provides fast, consumer-friendly payment options, driving increased sales and lower cart abandonment for merchants.
- Vietnam’s internet economy is growing at 40% annually and now makes up 5% of total GDP, yet credit card penetration remains one of the lowest in Southeast Asia.
Fundiin, Vietnam’s leading provider of zero-cost installment purchases, announces close of venture funding round led by 1982 Ventures and Zone Startups Ventures. Fundiin is a financial technology company that offers a buy-now, pay-later payment option to consumers at the point of sale, driving up to 30% increase in sales for partner merchants.
Fundiin was founded by fintech veterans Nguyen Anh Cuong (CEO) and Vo Hoang Nam (CTO), to provide consumer friendly payment to Vietnam’s rising middle class. Cuong said, “We offer an interest-free installment payment plan to consumers, instantly at point of sale with a single photo of ID card, making our model fundamentally better than credit cards. This facility helps retail merchants increase conversion, average order value, and reach new customers.”
“Our model is fundamentally better than credit cards. This facility helps retail merchants increase conversion, average order value, and reach new customers.”
Matt Saunders, Managing Partner at Zone Startups Ventures, stated, “We co-led this financing round because we bought into Cuong’s vision of Fundiin, and have seen him adapt the model and gain traction through a difficult 2020, he has demonstrated the ability to lead a team and scale the business.”
Scott Krivokopich, Managing Partner at 1982 Ventures, has joined Fundiin’s board. He said “Cuong and Nam have a bias for execution, taking an early lead in Vietnam’s buy-now, pay-later space by partnering with strong brands and focusing on customer experience. We have seen foreign competitors from Indonesia and Singapore take a shot at Vietnam, only to miss the mark and pull back. Fundiin is proving that being close to the market is a huge advantage.”
“We’ve seen foreign competitors miss the mark …being local is a huge advantage.”
Vietnam’s middle-class has been rapidly expanding, yet much of the population remains underserved financially. With credit card penetration standing at only 4%, Vietnam’s new consumers are skipping credit cards in favor of cheaper, more friendly digital offerings.
Cuong launched Fundiin after seeing that consumers were left with few viable options to pay for goods and services, adding “the market is filled with predatory loans and complicated instalment products that often come with long wait times, hidden fees and high interest rates. Our product is instant, free, and simple, and works great for consumer and merchants, alike.”
This round of funding will allow Fundiin to expand their early lead in the market to serve a growing waitlist of merchants and their customers.
Fundiin is a leading Buy-now-pay-later service provider, helping retail merchants increase conversion, average order value, and customer base by allowing their customers to buy now, get now, and pay later via 3 interest-free monthly installments with the best user experience.
For more information visit: https://fundiin.vn
About 1982 Ventures
1982 Ventures is a Singapore based VC firm focused on investing in early stage fintech start-ups in Southeast Asia. 1982 Ventures is investing in and supporting the best founders to positively impact the future of financial services in Southeast Asia.
For more information visit: https://1982.vc/
About Zone Startups Ventures
Zone Startups Ventures is a VC fund that invests in high-growth startups with strong founding teams. We are predominantly a seed-stage fund, with the ability to invest in Series A and follow-on rounds of investment. We look for companies with proven track records, product and market fit, with highly scalable technology solutions and validated revenue generation.
For more information visit: https://ventures.zonestartups.com/