Vietnamese Buy Now, Pay Later (BNPL) firm Fundiin announced that it has secured US$5 million in a Series A funding round that was co-led by Trihill Capital and ThinkZone Ventures.

Additional investors who had joined the financing round include 1982 Ventures, Genesia Ventures, JAFCO Asia, Zone Startups Ventures as well as angel investor Do Thu Ngan, Deputy CEO of Sacombank.

According to Fundiin, the new funds will be used to invest in the development of new products and bolster its team as it plans to expand to Indonesia in the upcoming Series B round.

Fundiin also revealed that it plans to expand its footprint to Indonesia as it gears up for its upcoming Series B round.

This investment follows that of its US$1.8 million seed funding round in September 2021 after its product launch in mid-2020.

Nguyen Anh Cuong, CEO and Co-Founder of Fundiin said,

“While credit card penetration rates in developed countries range from 50 percent to more than 70 percent, in Vietnam this rate is only five percent.

This shows that Vietnam is a high potential market for BNPL to develop, and BNPL is also an important solution to promote financial inclusion and prevent loan sharks, one of the most important missions in the national financial inclusion strategy.”