12 Popular FinTech Startups in Vietnam

MEDICI recently published an in-depth review of Vietnam’s FinTech investment landscape. Vietnam’s GDP is growing at 6.7% per year with a high phone/internet penetration, as well as a high rate of adult literacy, which is close to 95%. The market expects significant growth in the middle-income and affluent groups in Vietnam, which would translate into opportunities for FinTech players. FinTech in Vietnam is slightly more focused on personal/retail finance, payments, and alternative lending categories and expects more innovations from blockchain and big data players.

Here’s a look at 12 popular FinTech startups in Vietnam:

  1. MoMo, a startup founded in 2007, has raised $133.8 million in total funding. Momo is an e-wallet and payments app that enables users to pay online and transfer money to each other digitally. At selected stores, the app can be used for cashless payments. MoMo also allows users to pay utility bills through its partnership with local banks.

  2. Timo was founded in 2013. It provides digital banking services through its mobile app. Users can perform their daily transactions through mobile phone and create financial goals. Timo’s app offers banking services such as payments, money transfer, savings, and card management in Vietnam.

  3. Tima was founded in 2015 and has raised $3 million in total funding. Tima is a peer-to-peer lending marketplace that offers asset-backed mortgage loans and vehicle loans at a yearly interest rate of 10.95%. Tima uses algorithms to provide credit scores of borrowers by analyzing data from their social media accounts to determine their creditworthiness.

  4. Finhay was founded in 2017. It is a micro-investment platform which targets millennial customers. It uses both its website and mobile application to reach customers. In January 2019, the startup received ~$1 million in funding from Insignia Venture Partners. Finhay has also received funding from H2 Ventures.

  5. Growth Wealth was founded in 2018. It is a peer-to-peer lending platform for SMEs in Vietnam which connects SMEs with individuals and institutional investors. Growth Wealth is part of FTP and Vina Capital’s initiative FinTech Lab.

  6. OnOnPay was founded in 2015 and has raised $800k in total funding. OnOnPay is an online platform that allows users to recharge prepaid mobiles in Vietnam.

  7. HuyDong was founded in 2015 and has raised $10k in total funding. The company was previously known as LoanVi. A subdivision of Finsom Joint Stock Company, HuyDong is a peer-to-peer lending online marketplace for personal loans in Vietnam.

  8. Money Lover was founded in 2011. Money Lover’s app acts as a finance & expense manager for individuals. It enables users to track their expenses over time and manage their monthly or annual budget. Money Lover is a Finsify (formerly ZooStudio) product.

  9. 1Pay was founded in 2013. It is a mobile payment platform that enables consumers and vendors to manage all their payment needs on one platform. It supports all payment method for all devices and application platforms.

  10. bePOS was founded in 2015. It is a point-of-sale (POS) solution provider and offers a comprehensive cloud-based POS software solution for merchants. bePOS has a presence in Vietnam and Australia (Sydney).

  11. TheBank was founded in 2014. It provides an online platform that enables users to compare and choose financial products (loans, insurance, and credit cards). It has established strategic partnerships with Standard Chartered and HSBC, and also insurance companies such as Prudential Financial and Manulife.

  12. Trusting Social is an alternative credit scoring provider for emerging markets. It leverages AI, telecom data, social media, web, and other data to create an alternative credit score. The company has raised an undisclosed amount of funding in its pre-Series A round.