On 03/15, BK Fund officially signed an investment contract with Gimo, a startup on instant salary payment.
Gimo, one of the first payroll service providers in Vietnam, has successfully raised capital in the seed round from ThinkZone Ventures, BK Fund and Austdoor Group to expand the market. The deal value has not been disclosed.
Founded by Nguyen Van Ngoc and Nguyen Anh Quan, two young entrepreneurs of the 8x generation since the end of 2019, Gimo allows employees to advance income immediately before the business’s regular salary date. The amount of advance is calculated based on the actual timekeeping data of the employee in the month.
Mr. Bui Thanh Do, Founding Member and CEO of ThinkZone, said: “We see the market opportunity for Gimo in particular and the instant salary platform is extremely open. More importantly, we appreciate the difference they are making for workers who are struggling to access capital from banks. ThinkZone Ventures will do its best to support Gimo to “universalize” this technology solution, as well as enhance Vietnamese people’s ability to access capital in the coming time.”
Workers and businesses mutually benefit
Gimo representative, Mr. Nguyen Anh Quan, Co-Founder and CEO of Gimo, said that GIMO’s mission is to “build technology solutions that help people have a strong personal finance foundation. “. This application will solve the immediate financial needs of tens of millions of workers. More than a payroll utility, Gimo is an application that helps connect businesses and employees to promote employee engagement and dedication.
In addition to employees, businesses also benefit. Comprehensive employee benefits and regimes will lead to a reduction in the severance rate and related costs such as recruitment and training fees. “Employees’ happiness is the premise for the success of the business,” added Mr. Quan.
The future “super app”
As of the beginning of this year, Gimo has had more than 20,000 successful transactions, reached 20,000 people and has more than 10 businesses using it.
In the future, with the participation of many parties such as businesses, banks and financial institutions, retailers and insurance companies, Gimo promises to become a “super app”. The company will add many convenient features for employees such as online shopping and personal financial management.
Pham Dinh Doan, Chairman of Phu Thai Group and Chairman of BK Fund, a venture capital fund under Hanoi University of Science and Technology, shared: “We are proud to see more and more startups in financial technology appear. main focus on solving pressing problems of society”. He hopes to work with Gimo to expand the reach and influence of this solution through the investment fund’s network of alumni, businesses and partner communities.