1982 Ventures backed Fundiin raises $1.8M USD in oversubscribed round from Affirm executives.
September 15, 2021
1982 Ventures backed Fundiin, Vietnam’s leading buy-now, pay-later raises $1.8M USD in oversubscribed round. 1982 Ventures is the leading seed fund focused on fintech in Southeast Asia.
- Fundiin, leading buy–now, pay-later in Vietnam, closed an oversubscribed seed round with participation from Genesia Ventures, JAFCO Asia, Xffirmers, Trihill Capital, and existing investors 1982 Ventures and Zone Startups Ventures.
- The funds will be used to expand operations, strengthen executive team and further accelerate growth ahead of Fundiin’s upcoming Series A round.
Fundiin is the leading zero-cost buy-now-pay-later leader in Vietnam, helping retail merchants increase sales by up to 30% by allowing consumers to buy now, pay later, instantly at point of sale and free of charge.
Fundiin announced the closing of an oversubscribed seed round from leading Japanese funds Genesia Ventures, and JAFCO Asia, along with former Affirm executives (Xffirmers), Trihill Capital, Mr. Pham Le Nhat Quang and existing investors 1982 Ventures and Zone Startups Ventures. The round was quickly oversubscribed and closed in three weeks.
Nguyen Anh Cuong, CEO and Co-Founder of Fundiin, stated “Having the support of our new global investors will strengthen Fundiin’s market leading position, provide access to new capital pools and extensive BNPL expertise.” He continued, “Lending products have earned a bad reputation as money-draining traps that leave consumers stuck in a cycle of debt. Vietnamese consumers are in urgent need of products like Fundiin that work for them and protect their interest.”
Fundiin was founded by fintech veterans Nguyen Anh Cuong (CEO) and Vo Hoang Nam (CTO), to provide consumer friendly payment options to Vietnam’s population of 97 million and rising middle class consumers. Fundiin launched its BNPL product in mid 2020 and works with over 100 merchants including some of the country’s largest retailers such as Lug, Vua Nem, Mat Viet, Giant International.
Scott Krivokopich, Managing Partner at 1982 Ventures and Fundiin Board Member said, “Fundiin is much faster, easier and free for consumers, making it fundamentally better than credit cards, instalment loans and mobile wallets’ lending products. Instead of charging consumers high interest rates and hidden fees, Fundiin provides a zero-cost payment option that supports Vietnamese retailers’ increased conversion, average order value and reach to new customers.” 1982 Ventures co-led Fundiin’s initial VC round with Zone Startups Vietnam announced in early 2021.
Fundiin’s latest funding round coincides with several key hires and surging demand from both consumers and merchants, including the recently announced partnership with Sapo’s 100,000 merchant.
Herston Powers, Managing Partner at 1982 Ventures, stated “Fundiin is the leader in BNPL in Vietnam and this fresh funding will further extend their lead in the market. Vietnamese consumers and merchants have demonstrated that Fundiin’s consumer friendly payment option provides benefits to all parties.”
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 instalments with the best user experience.
For more information visit: https://fundiin.vn
About 1982 Ventures
1982 Ventures is the leading seed fund investing in fintech startups in Southeast Asia. Our focus makes us the first port of call for fintech founders and the first money in.
Our investments include Southeast Asian Open Banking API Platform Brick, Vietnam’s leading investment platform Infina (YC S21), Vietnam’s leading Buy Now, Pay Later Fundiin, Vietnam’s Rent-to-Own Home Financing app Homebase (YC W21), Indonesia’s first Earned Wage Access platform Wagely.
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/