10:00 | 13/03/2022 Companies
Officially launched in early 2021, GIMO is a fintech company offering an instant salary payment platform for Vietnamese workers. It seeks to fill a market gap by addressing workers’ immediate financial needs, as well as ensuring their welfare and enhancing their sense of job security.
|Gimo’s Co-founder and CEO Nguyen Anh Quan|
Solving financial needs
Nearly two-thirds of Vietnamese adults do not have a bank account or have little access to formal loans, the highest such rate in Southeast Asia. They often have to look to high-cost financial services like long-term, large-scale bank loans or high-interest daily loans to meet their urgent spending needs.
Unskilled workers are the most vulnerable to financial instability. When faced with unexpected expenses, they have few safe and affordable solutions. “We create conditions for employees to receive their monthly salary in advance, helping them feel secure in their work and focus on their important jobs,” said Gimo’s Co-founder and CEO Nguyen Anh Quan.
GIMO users can track their earnings through a mobile application integrated into the company's payroll and personnel management system. All transactions are transparent and updated in real time. Not only employees, but businesses also benefit from using this application by retaining workers and thereby reducing recruitment and training costs.
GIMO also plans to extend its services to a "super application" for businesses, banks, financial institutions, retailers, and insurance companies, providing many convenient features for employees such as online shopping and personal financial management.
GIMO’s app is used by 25,000 employees across Vietnam, mainly in the manufacturing and retail sectors. Its monthly growth rate of 130 percent reflects the need for such a service and its potential to reach millions of workers.
Targeting financial stability
In March 2021, GIMO announced that it has secured an undisclosed amount of seed funding from ThinkZone Ventures, BK Fund and a group of angel investors. It was also one of four Vietnamese startups that received a US$200,000 funding package from SK Startup Fellowship 2021 and also successfully secured US$1.9 million in a Seed+ round led by Singapore’s Integra Partners.
Chris Kaptein, Director of Integra Partners Fund praised GIMO's vision of providing unskilled workers with a flexible salary payment model, as well as diversifying financial solutions available to them. Access to affordable and responsible financial services is a key pillar for sustainable growth, he added.
Nguyen Anh Quan said the investment will help the company promote this financial solution in Vietnam and Southeast Asia. Specifically, GIMO is expected to allocate more resources to recruit technological talents, strengthen risk management capacity, and apply advanced technologies such as data analysis and artificial intelligence to improve user experience.
In the long-term, this startup is expected to develop a platform to help employees manage their personal finances effectively, not only to receive their pay but also to spend, save and invest.
The project on facilitating the national startup ecosystem until 2025 presented in Decision No. 844/QD-TTg
(Project 844) aims to develop the market for innovative start-ups. The industry and trade newspaper has been
acting as a bridge to support these start-ups, help them expand markets and contribute to their business