Vietnam’s Digital Financial institution Timo Secures US$20 Million Funding Led by Sq. Peg

Vietnam-based digital financial institution Timo introduced that they’ve efficiently secured US$ 20 million in recent funding.

The funding spherical is led by Sq. Peg, a number one world VC agency whose investments embrace unicorns akin to Canva, FinAccel and Airwallex. Different members of the spherical embrace Jungle Ventures, Granite Oak, FinAccel, Phoenix Holdings and different tremendous angels.

Established in 2015, Timo is one in every of Vietnam’s first digital banks is basically thought-about forward of its time in South East Asia the place digital banks weren’t as prevalent as it’s at the moment. In 2019, VPBank, the financial institution introduced a strategic partnership with Viet Capital Financial institution to “additional speed up their progress”

Henry Nguyen

Henry Nguyen

Henry Nguyen, CEO Timo Digital Financial institution stated:

“This funding spherical shouldn’t be solely a sign that digital banking is the longer term in Vietnam, however It additionally demonstrates buyers’ confidence that Timo is main this necessary sector.

We’re deeply dedicated to our mission of setting the benchmark for contemporary banking in Vietnam whereas bringing larger monetary inclusion and accessibility to the big majority of the inhabitants which stays unbanked. Timo goals to turn into the financial institution that’s on the middle of our prospects’ monetary lives. We’re delighted to have world class buyers led by Sq. Peg becoming a member of us on our journey.”

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