Wednesday, Jun 29, 2022
International Finance
Fintech

Vietnamese fintech Wee Digital raises funds for expansion

Wee Digital_IFM_Image
The funds are provided by VC firm InterVest and Vina Capital Ventures

Vietnam-based fintech startup Wee Capital has raised an undisclosed amount from investors to expand its business within the country, the media reported.

The funds are provided by South Korean VC firm InterVest and existing backer VinaCapital Ventures.

Christian Nguyen, founder and chief executive of Wee Digital told the media, “We had a meeting with InterVest in April, but thanks to shared trust and vision of the company’s enormous market potential and technological background, we were able to do so. The investment is very fast.”

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.

With regard to the funding in Wee Digital, Don Lam, co-founder and CEO of VinaCapital Group told the media, “The Vietnamese startup market continues to attract more and more venture capital funds in the Asia Pacific region. Glad InterVest noticed Wee Digital, one of the most promising startups in Vietnam in the fintech sector, possessing the traits that investors often look for in the early stages of a startup, an experienced and ambitious founder, strong execution capacity, disruptive product, and vast untapped market. ”

Earlier this year, Vietnam-based fintech startup F88 has secured around $6 million in a fresh funding round, led by Mekong Enterprise Fund III and Granite Oak, the media reported.

The funding raised by F88 will be used to help the startup expand its network and branches and at the same time accelerate growth, according to its chief executive officer Phung Anh Tuan.

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