Vietnam’s Wee Digital raises funding from InterVest, VinaCapital Ventures

Vietnam-based fintech startup Wee Digital has raised a seven-digit US dollar amount from South Korean VC firm InterVest and existing backer VinaCapital Ventures, according to an announcement.

Wee Digital said it will use the proceeds from the funding to expand its operations across Vietnam.

Founded in May 2018, the company uses biometrics and AI to verify and authenticate transactions. It claims to allow users to make payments within 5 seconds while experiencing a higher level of security by using a combination of face recognition, fingerprint recognition and PIN.

In the coming months, Wee Digital will focus on partnering with banking clients in applying biometrics solutions to their banking services to enhance the banking experience for consumers, the startup said.

It has also built Facepay, a product for retailers to integrate with their POS system.

The investment in Wee Digital marks InterVest’s first activity in Vietnam.

“InterVest has always been interested in investing in the Vietnamese market. We are proud to lead the investment and to have Wee Digital as our first portfolio company in Vietnam. Wee Digital has shown strong execution capabilities and innovative products and services,” said Junseok Kang, director of InterVest.

Christian Nguyen, founder and CEO of Wee Digital, said his team first met InterVest in April and was able to close the investment in the challenging pandemic period.

“Vietnam’s startup market continues to attract a growing number of regional APAC venture capital funds. Wee Digital possesses the traits that investors generally look for in an early stage start-up: an ambitious and experienced founder, strong execution capability, disruptive products and a sizeable untapped market,” said Don Lam, co-founder and CEO of VinaCapital Group, the manager of VinaCapital Ventures.

The Vietnam-focused VC unit first invested in Wee Digital in March 2019.

Despite the impacts by the unprecedented COVID-19, several Vietnamese tech startups have managed to attract funding in 2020. Firms that have raised funding include bike trading platform OKXE, proptech company Propzy, sale management service provider Sapo Technology. In the fintech space, credit scoring firm Trusting Social and employee payment management startup Nano Technologies made headlines for raising capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.