Trusting Social raises $65m Series C from unit of Vietnam’s Masan

Singapore- and Vietnam-based fintech company Trusting Social has raised $65 million in a Series C funding round from the Sherpa Company Ltd, a subsidiary of Masan Group Corp, according to an announcement.

Following the investment, Masan holds a 25% stake in the company. The strategic collaboration between Trusting Social and Vietnam’s Masan is aimed at developing an AI-powered consumer tech platform, which will offer customised retail and financial products to 27 million families in Vietnam, the statement said.

The partnership will also enable Masan to drive efficiencies in its core business by leveraging Trusting Social’s AI capabilities in retail store selection, demand & supply planning, and product assortment & development.

Sequoia Capital-backed Trusting Social claims that it accumulates credit insights from a billion consumers to help 170 financial institutions across Vietnam, Indonesia, India, and the Philippines.

Since establishing The CrownX in December 2019, Masan has been adding pieces to its “point of life” puzzle by expanding its portfolio of products and services to address consumers’ diversifying unmet needs and piloting its “mini-mall” concept for greater convenience and accessibility.

The partnership with Trusting Social further expands Masan’s consumer capabilities with AI and Machine Learning (ML) consumer solutions.

“I am proud that a Vietnamese platform has created an innovative credit scoring AI and ML platform that financial institutions across Asia are utilising to serve their consumers better. Our partnership with Masan is exciting since we broaden our platform from credit access to a total consumer life solution,” said Trusting Social founder and CEO Nguyen Nguyen.

“Walmart has invested heavily to develop an AI and ML platform and has leveraged it to become the leading offline and online daily, consumer life platform. The Trusting Social partnership provides Masan a similar cutting-edge AI and ML platform but tailored for 100 million Vietnamese consumers. Our job together now is to develop it from a pure credit scoring use case to a holistic consumer engine,” said Masan CEO Danny Le.

BDA Partners was the exclusive financial advisor to Trusting Social on the transaction.

Trusting Social is backed by BEENEXT, Tanglin Ventures, 500 Global, Kima Ventures, and Genesis Alternative Ventures, amongst others.

In 2019, Trusting Social snapped up around $25 million through its seed and Series A rounds from prominent investors including Sequoia Capital, 500 Global and BeeNext.

A year later, the company raised $19 million in its Series B financing round from Tanglin Venture Partners.

Looking ahead into 2022 and 2023, Masan is building on this great momentum to start focusing on applying technology and artificial intelligence across its daily operations and consumer experience to truly become a Consumer-Tech ecosystem. Once Masan realises its B2C ambition, the company will expand into B2B leveraging capabilities developed from B2C, Masan said in its announcement.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content