Vietnam Digest: VayMuon snags seed round; Hyundai Glovis sets up unit

A client counts Vietnamese dong banknotes at a bank in Vinh Yen city, Vietnam, August 19, 2015. REUTERS/Kham

Vietnam’s P2P lending platform VayMuon announced that it has raised a seed round from NextTech Group while South Korea’s Hyundai Glovis has set up its third Asian subsidiary in Vietnam.

P2P lending platform completes seed round

Vietnam’s P2P lending platform VayMuon announced that it has completed a seven-digit-dollar seed round from NextTech Group. It aims to close $5-10 million Series A by the end of this year.

Established in 2017, VayMuon claims that it has over 2 million customers with 400,000 lender partners on its platform to date. It now has offices in Vietnam, Myanmar, Cambodia, and Thailand.

“Vaymuon is in talks with some foreign investors for its Series A funding round. The fund raised will be used for its expansion plan into Indonesia and Thailand as well as investment in technology, especially AI,” said Nguyen Hoa Binh, chairman, NextTech Group, which now owns 20 per cent stake of Vaymuon.

The two-year-old lending platform has also signed a strategic partnership with VietinBank Insurance to provide customers a safe finance platform.

In P2P lending market, Tima, which claims to be the leading financial marketplace in Vietnam, has raised $3 million in a Series B funding round from Mekong-focused venture capital firm Belt Road Capital Management.

Tima had earlier announced that it is seeking to raise $8 million in a Series C funding round, expected to be closed by Q2 this year.

In June, Vimo Technology JSC and Vietnam mPOS Technology JSC (both under NextTech Group) combined their businesses under one entity NextPay Holdings.

The consolidation and rebranding exercise will help the startups strengthen their operations in the country’s burgeoning cashless payments market, thereby creating a one-stop payment solution for merchants.

Hyundai Glovis sets up 3rd Asian subsidiary in Vietnam

South Korea’s Hyundai Glovis Co, the logistics arm of Hyundai Motor Group, has set up its third Asian subsidiary in Vietnam, Yonhap News Agency reported.

The Vietnamese subsidiary will be engaged in transporting vehicles and automobile parts. Its sales office, scheduled to open in Hanoi next year, will handle non-vehicle logistics products.

Hyundai Glovis has two other Asian subsidiaries in China and India.