Vietnamese pawn chain operator Vietmoney has closed its series A funding round with Probus Opportunities (Probus) and Digi Ventures (DV). Probus and DV will hold a combined 30% stake in Vietmoney and both shall join the Board of Directors.
Established in 2016, startup Vietmoney’s pawn chain system operates under an O2O model (Online to Offline), and currently has 16 branches operating in Ho Chi Minh City, serving more than 20,000 regular customers. The series A financing will allow Vietmoney to rapidly accelerate its growth in the under-served Vietnamese pawn market.
Mentioning the goal of Vietmoney in the next development phase, Vietmoney founder Trinh Van Phuong said that the company is looking to expand its network to 100 branches, with coverage in 28 cities and provinces nationwide, building a convenient financial services channel offering assurance for customers in the subprime segment in Vietnam.
Incoming director Mr. Marc Lavoie from Probus Opportunities, said, “We’re very pleased to partner with Phuong, the outstanding team at Vietmoney, and also with Digi Ventures. We look forward to working with them to build on the great foundations already laid by the Vietmoney team. With more than 50% of Vietnam's population lying in the subprime market segment, there is a clear need for access transparent and accessible finance.”
Mr. Nguyen Hai Khoi, CEO of Digi Ventures, said that this investment was a good fit with the direction DV adopts when investing in potential startups, looking for products that help solve market problems or offer solutions that provide breakthroughs or have a sustainable competitive advantage.
Probus Opportunities is a fund under the Swiss-based Probus Group and is a long-term investor in listed and unlisted companies in emerging markets with an investment perspective that looks to hold and grow with the company. Probus Opportunities has more than 10 years of investment experience in Vietnam, with a portfolio of several listed companies such as FPT Joint Stock Company (Ticker: FPT) and Digiworld Joint Stock Company (Ticker: DGW).
HCM City-based Digi Ventures currently invests in startups and private capital opportunities in the early stages of growth, in the fields of finance, consumer goods, healthcare and business models that have proven feasible and can provide efficiencies via data solutions.