Vietnam-based Timo, the first digital banking platform in the country, offering services based on online transactions, payments and assisting users with financial details and records, raised USD 20 million on 6th January 2022.
Investors: The investment round is led by Square Peg, a global venture capital firm. Phoenix Holdings (an existing investor) and other super angels also participate in the round.
Purpose of funding: The funding will be used to accelerate the expansion plan in Vietnam and increase access to the platform. Additionally, the startup is seeking strategic partnerships with traditional banks to increase its use by retailers. Furthermore, the startup wants to add more financial records and detailed features.
About Timo
Founded in 2015 by Henry Nguyen, Timo is located in Ho Chi Minh City, Vietnam. Timo is the first digital banking platform in the country, offering services based on online transactions, payments and assisting users with financial details and records. In Vietnam, the startup is widely recognized for offering eKYC as one of the first banks. The company has a relatively low banking adoption rate in its country, making the onboarding process faster and giving customers access to other banking services more quickly through its platform. Recent developments have shown that the startup is focusing on social banking, considering that banking and financial services are embedded in broader society.
What the founder has to say
“This funding round is not only a signal that digital banking is the future in Vietnam, but It also demonstrates investors’ confidence that Timo is leading this important sector. We are deeply committed to our mission of setting the benchmark for modern banking in Vietnam while bringing greater financial inclusion and accessibility to the large majority of the population which remains unbanked. Timo aims to become the bank that is at the centre of our customers’ financial lives. We are delighted to have world-class investors led by Square Peg joining us on our journey,” said Henry Nguyen, CEO at Timo Digital Bank.
What the investor has to say
“We have been impressed by the Timo team’s vision to transform banking in Vietnam. In a market with almost no other independent, digital-native players – Timo stood out from the crowd. It is a mission-oriented team aligned around creating beautiful experiences for customers and bringing more people in Vietnam into the financial ecosystem. We are excited to support Timo on its journey,” said Tushar Roy, Partner at Square Peg Southeast Asia Partner.
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