Vietnam-based fintech startup Kim An Group has secured an undisclosed amount in its Series A funding round, the media reported.
Investors that participated in the funding round for Kim An Group include Patamar Capital, Viet Capital Ventures, and East Ventures.
In a statement, Kim An Group said that it will use the funds to further develop its core technology system to process data and also optimise its credit-scoring platform.
The fintech connects banks and financial companies operating in Vietnam with local micro, small and medium enterprises (MSMEs) through an online platform as well as its 80-plus branches nationwide.
Shuyin Tang, who is a partner at Patamar Capital told the media, “Kim An is one of those rare companies that have done so. Having invested in these types of business models for over a decade, at Patamar we have learnt that serving this segment demands a deep understanding of the behavioural patterns and needs of MSMEs and their owners, as well as outstanding operational capabilities to execute successfully day-to-day.”
Kim An Group claims to have processed more than 25,000 loans in the last two years. Reportedly, the startup currently has more than 5,000 customers.
Earlier this month, another Vietnamese fintech Wee Capital raised an undisclosed amount from investors to expand its business within the country.
The funds are provided by South Korean VC firm InterVest and existing backer VinaCapital Ventures.
Wee Digital applies artificial intelligence (AI) and biometrics to authenticate transactions and offer greater security to its customers while carrying out financial transactions through the use of face recognition technology, fingerprint recognition and PIN.