Monday , March 27 2023

Salary payment startup GIMO raises $4.6M

Vietnam’s on-demand salary payment startup GIMO has raised $4.6 million in a Series A funding round.

The startup, which offers nearly instant payroll to blue-collar workers whenever they need it, has secured the cash from Southeast Asia-focused venture capital company TNB Aura, among others, DealStreetAsia reported.

In 2021, the company raised $1.9 million from a group of investors led by Integra Partners.

GIMO allows employees to access their earned salary almost instantly via a mobile app integrated with the company’s payroll system. Users can also keep track of their workdays and daily earnings.

Thirty-nine investment funds have committed $1.5 billion to creative startups in Vietnam through 2025, lifting total planned investment in the field to $5 billion over the next three years, according to the Vietnam Venture Summit 2022 last month.

Vietnamese startups attracted investments of over $1.3 billion in 2021, four times the previous year’s figure, according to the National Agency for Technology Entrepreneurship and Commercialization Development.

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