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Vietnam’s fintech market is rapidly growing amid increasing customer adoption and sustained venture capital (VC) funding activity. According to Statista, Asia has become one of the world’s leading fintech regions, and Vietnam is among the emerging fintech markets. The number of new firms in Vietnam has grown by over 180% between 2018 and 2022, and fintech funding reached US$720 million in 2021, accounting for more than half of all VC funding secured that year. FLCQuangBinh, a finance hub in Vietnam, reported that cashless payments soared by 85% in volume and 31% in value in 2022. Among these Vietnamese fintech companies, VNLife, M_Service, Sky Mavis, Trusting Social, and Tiki are among the top five most well-funded fintech companies in the country. Vietnam’s fintech market is flourishing, and these companies are making headlines for their strong growth and for attracting the interest of reputable investors.
VNLife, which is based in Hanoi, is a leading Vietnamese digital payment company and parent company of fintech firm VNPay. VNPay provides electronic payment services to more than 40 banks, five telecommunications companies, and 20,000 businesses, with products that include VNPay-POS and VNPay-QR. The company’s ecosystem encompasses a wide range of systems and services, from banking services and financial services to e-commerce websites and flight booking services. VNLife has secured a total of US$550 million in funding so far, including a US$300 million investment from SoftBank Vision Fund and Singapore’s sovereign wealth fund GIC in 2019 and a US$250 million Series B in 2021.
M_Service, the operator of MoMo, Vietnam’s leading mobile wallet, is based in Ho Chi Minh City. MoMo allows users to conduct seamless digital payments, make transfers, pay their bills, make online loans and more. M_Service has set out aspirations to become a leading super app and claimed more than 31 million users, 50,000 domestic partners, and 140,000 payment acceptance points nationwide in partnership with 70 banks and international cards. M_Service is the second most valuable private company in Vietnam, having raised a total of US$434 million and being worth US$2.27 billion, according to CB Insights and Dealroom. It’s backed by investors that include Mizuho Bank and Warburg Pincus.
Sky Mavis is a blockchain game developer based in Singapore and Vietnam. It is well-known for its blockchain game Axie Infinity, a digital collectible pet game built on the Ethereum blockchain. In Axie Infinity, players can battle, raise, evolve, and trade fantasy creatures called Axies, which are visual representations of non-fungible tokens (NFTs) owned by the players. Axie Infinity launched in early 2018 and is now one of the highest-grossing blockchain games, with NFTs hitting US$4 billion in all-time sales and an average of 2.7 million monthly active players in February 2022. Sky Mavis secured a US$150 million Series C in April 2022, bringing its total funding to about US$311 million. The company is valued at US$3 billion, making it the most valuable private technology startup in Vietnam.
Trusting Social is a provider of artificial intelligence (AI)-powered credit risk, identity, and acquisition solutions to the lending industry. The company combines big data technology with social, web, and mobile data to enable lenders in emerging markets to serve consumers not covered by traditional credit bureaus. Trusting Social is headquartered in Singapore and operates across Vietnam, Indonesia, the Philippines, and India. Trusting Social claims it is the largest provider of credit risk profiles in Asia
Tima, Founded in 2015 and based in Ho Chi Minh City, Tima is a fintech platform that connects borrowers with lenders. The platform offers various financial products and services, such as personal loans, credit cards, insurance and savings.
Tima claims to have served more than 3 million customers and facilitated over US$1.6 billion in loan disbursements since its inception. The company is one of the top five digital lending platforms in Vietnam and has partnerships with 30 banks and financial institutions in the country.
Tima has raised a total of US$102 million to date, according to CB Insights and Dealroom. Its latest funding round was a US$25 million Series B in May 2021, led by Goodwater Capital.
Conclusion
Vietnam’s fintech sector is on a rapid rise with the emergence of several local companies gaining prominence in the region. The country’s top five most well-funded fintech companies, VNLife, M_Service, Sky Mavis, Trusting Social, and Tima, have all managed to raise significant amounts of funding and are making headlines for their strong growth, loan services and attracting reputable investors.
Cashless payments are also seeing increased usage in Vietnam, with an 85% increase in volume and 31% increase in value in 2022, according to data from the State Bank of Vietnam. With the continued adoption of digital payments and sustained venture capital funding activity, Vietnam’s fintech sector is poised for further growth in the coming years.
