Fintech startup GIMO has reportedly raised USD 1.9 million in a Seed+ round initiated by Integra Partners of Singapore. Blauwpark Partners, TNB Aura VN Scout, and Resolution Ventures also participated in this round.
Using the fresh funding, GIMO plans to assign more resources for reinforcing risk management competencies, employing senior engineers, and integrating novel technologies like artificial intelligence and data analytics to improve customer experiences.
Nguyen Anh Quan, the Chief Executive Officer and Co-Founder of GIMO has expressed that the proceeds from this round will help the company enhance the financial resilience and stability of blue-collar workers along with the inclusion of fast-track finance in Southeast Asia.
He added that blue-collar workers are usual victims of financial distress with the burden of unexpected bills and the company aims to provide them with an affordable and safe alternative to manage their finances. By helping these workers get paid as they earn, GIMO is aiming to offer them the peace of mind to focus on important things, said Quan.
Talking about the collaboration, Chris Kaptein, the Partner at Integra Partners stated that the company is impressed with the vision of GIMO to introduce Earned Wage Access along with wider financial benefits and services to the blue-collar workers of Vietnam.
Officially introduced in early 2021, GIMO enables employees to instantly access their earned salary through a mobile app integrated with the payroll system of the company. Users can receive personal finance tips as well as keep track of their daily earnings and workdays in real-time.
To date, the company has offered on-demand pay for over 25,000 workers prominently employed in retail and manufacturing sectors with a monthly growth of 130 percent.
GIMO’s long-term plan is to develop a digital financial platform that allows blue-collar workers to efficiently organize their money, from paychecks to savings, investments and spending.