Vietnamese BNPL services provider Fundiin has raised $1.8 million led by Genesia Ventures, and JAFCO Asia, while Bangladesh-based public transportation platform Jatri has raised $1.2 million in a pre-Series A funding.
Fundiin raises $1.8m in an oversubscribed seed round
Fundiin — one of the first movers in Vietnam’s buy now pay later (BNPL) sector — has raised $1.8 million in an oversubscribed seed round led by Japanese funds Genesia Ventures and JAFCO Asia, according to an announcement on Monday.
Other investors including former Affirm executives, Trihill Capital, Pham Le Nhat Quang, and existing investors 1982 Ventures and Zone Startups Ventures also participated in this funding round.
On August 26, DealStreetAsia had reported that VC firm 1982 Ventures and Zone Startups Ventures have invested fresh capital in Fundiin.
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, and Giant International.
The company said that the funds will be used to expand operations, strengthen the executive team and further accelerate growth ahead of Fundiin’s upcoming Series A round.
“We are excited to be on the journey with Fundiin to increase Vietnam’s e-commerce adoption rate through Buy Now Pay Later service – which is friendlier payment option for Vietnamese consumers. We believe that increasing the number of financial options for people will eventually lead to realize a prosperous society. Fundiin has convinced us that the company does not only provide a payment solution but also take on the challenge of making a significant contribution to the Vietnamese economy in the future,” said Takahiro Suzuki, General Partner at Genesia Ventures.
“Fundiin is much faster, easier and free for consumers, making it fundamentally better than credit cards, installment 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,” said Scott Krivokopich, Managing Partner at 1982 Ventures.
In July, Fundiin said it partnered with B2B e-commerce company Sapo, integrating the payment option at checkout for over 100,000 merchant clients on the online shopping platform.
In March this year, Fundiin had raised an undisclosed amount led by 1982 Ventures, Zone Startups Ventures, and some prominent Vietnamese angels.
Bangladeshi transportation startup Jatri raises $1.2m
Bangladesh-based public transportation platform Jatri has raised $1.2 million in a pre-Series A funding round from Reflect Ventures, Brain-Too-Free Ventures, and SBK Tech Ventures, according to an announcement.
Jatri was founded by Aziz Arman, Khandokar Taswar Zahin, and Zia Uddin in early 2019 to make travelling by public transport more comfortable in one of the most densely-populated countries in the world.
Since its inception, the company has supported digitalising of operations wıth thousands of bus partners and transacting over 3.5 million transport tickets over its proprietary platform, across three cıtıes in the country.
Jatri said that it is rapidly expanding its operations throughout Bangladesh with double-digit month-on-month growth through strategic government and private sector partnerships.
The fresh funds will be used to fuel its national expansion plans and expand service offering that goes beyond ticketing and rentals.
“In Bangladesh, most people are heavily dependent on public transport and Jatri’s service offering is truly a game-changer for the public transport industry,” said Michael Friedman, founder at Reflect Ventures.