BNPL platform Fundiin raises funds for Vietnamese market expansion

By Leandra Monteiro

Vietnamese Buy Now, Pay Later platform Fundiin, has raised an undisclosed sum during its venture funding round led by 1982 Ventures and Zone Startups Ventures. As part of its investment deal in Fundiin, Scott Krivokopich, Managing Partner at 1982 Ventures has joined its board of directors.

The funding round will enable Fundiin to expand their early lead in the market to cater to a growing number of merchants and their customers. The fresh funds will also go towards bankrolling market expansion plans as the Buy Now Pay Later start-up aims to serve a growing waitlist of merchants and their customers.

According to media reports, Nguyen Anh Cuong, CEO of Fundiin said, “We offer an interest-free installment payment plan to consumers, instantly at point of sale with a single photo of ID card, making our model fundamentally better than credit cards. This facility helps retail merchants increase conversion, average order value, and reach new customers.”

According to media reports, Scott Krivokopich, Managing Partner at 1982 Ventures said, “Cuong and Nam have a bias for execution, taking an early lead in Vietnam’s buy-now, pay-later space by partnering with strong brands and focusing on customer experience. We have seen foreign competitors from Indonesia and Singapore take a shot at Vietnam, only to miss the mark and pull back. Fundiin is proving that being close to the market is a huge advantage.”

Fundiin was founded in 2019  by Nguyen Anh Cuong (CEO) and Vo Hoang Nam (CTO) amidst the rise in BNPL offerings in Southeast Asia. The company concentrates on the growing BNPL trend within the Southeast Asian communities, where consumers only pay a third of the purchase price upfront, with the balance being automatically deducted interest-free over the next two months.