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.