NextPay Holdings has invested in three startups while Fundiin, a Vietnamese buy-now, pay-later service provider has raised an undisclosed amount from 1982 Ventures, Zone Startups Ventures, and prominent Vietnamese angels.
NextPay Holdings invests in three startups
Vietnamese e-payment solutions provider NextPay Holdings, part of the technology company NextTech Group, has invested a “seven-digit US dollar amount” in three startups.
The three startups include sales management software PosApp, beauty startup MySpa, and electronic invoice service provider Megabiz.
NextPay also officially launched Next360.vn to support the digital transformation progress of Vietnam’s small and medium enterprises. It is a set of tech platforms such as sales management service NextShop, human resources management NextHR, e-invoices MegaDoc, loan advance services provider NextLend, retail sourcing platforms NextBuy, and digital transformation human resource training institute NextAcademy.
According to Nguyen Hoa Binh, chairman of NextTech Group, in the past five years, NextPay has provided e-payment services to more than 100,000 merchants. In the process, the company sees a huge demand for digital transformation among businesses but is still fragmented and ineffective.
He added that NextTech’s venture capital arm Next100, which was launched in 2019 with a fund size of $10 million, will allocate more capital for investments in startups that are pioneering the digitisation of business operations. The VC fund has so far invested in 17 startups in fintech, e-commerce, e-logistics, and edtech, among other sectors.
Last year, NextPay was mulling a private placement to raise around $60-100 million in the first quarter of 2021, ahead of a planned stock market listing in 2022.
NextPay is the result of a merger between e-wallet service provider VIMO and point-of-sale startup mPOS, both of which were founded in 2014 by the incubator NextTech. The merged entity was formed in June last year and has 1.5 million e-wallet users and more than 35,000 acceptance points across 45 cities.
Fundiin raises fund from 1982 Ventures, Zone Startups
Fundiin, a Vietnam’s buy-now, pay-later service provider has raised an undisclosed amount from 1982 Ventures, Zone Startups Ventures, and prominent Vietnamese angels, according to an announcement.
Fundiin was founded by fintech veterans Nguyen Anh Cuong (CEO) and Vo Hoang Nam (CTO), to provide consumer-friendly payment to Vietnam’s rising middle class.
The company claims that it offers a buy-now, pay-later payment option to consumers at the point of sale, driving up to 30% increase in sales for partner merchants.
The new funding will be used to expand the market, serve a growing waitlist of merchants and their customers.
Vietnam’s middle-class has been rapidly expanding, yet much of the population remains underserved financially. With credit card penetration standing at only 4%, Vietnam’s new consumers are skipping credit cards in favour of cheaper, more friendly digital offerings.
1982 Ventures is a Singapore-based VC firm focused on investing in early-stage fintech startups in Southeast Asia. 1982 Ventures is investing in and supporting the best founders to positively impact the future of financial services in Southeast Asia.
Zone Startups Ventures is a VC fund that invests in high-growth startups with strong founding teams. It is a seed-stage fund with the ability to invest in Series A and follow-on rounds of investment.