Things are heating up in SEA for sure and that just means BNPL...

First 19426 Last

Share
Profile

Follow
kevin103

16,923 Posts.

3226

31/03/21

14:22

Post #: 52174617
Share

Originally posted by kevin103: ↑

Fundiin, a Vietnamese ‘buy now, pay later’ (BNPL) service provider, has raised an undisclosed amount in a funding round co-led by 1982 Ventures and Zone Startups Ventures.
As part of the deal, Scott Krivokopich, Managing Partner at 1982 Ventures, has joined Fundiin’s board
The fresh funds will go towards bankrolling market expansion plans as the BNPL startup seeks to serve a “growing waitlist of merchants and their customers.”
Launched in 2019 by Nguyen Anh Cuong (CEO) and Vo Hoang Nam (CTO), Fundiin rides on the growing BNPL trend within Southeast Asia, where consumers only pay a third of the purchase price upfront, with the balance being automatically deducted interest-free over the next two months.
Cuong launched Fundiin after seeing that consumers were left with few viable options to pay for goods and services. According to him, the market is filled with predatory loans and complicated instalment products that often come with long wait times, hidden fees and high interest rates.
“We offer an interest-free instalment 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,” he shared.
“We co-led this financing round because we bought into Cuong’s vision of Fundiin, and have seen him adapt the model and gain traction through a difficult 2020, he has demonstrated the ability to lead a team and scale the business,” said Matt Saunders, Managing Partner at Zone Startups Ventures.
“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,” opined Krivokopich.

Expand

Things are heating up in SEA for sure and that just means BNPL is going to be a big part of SEA's up and coming payment option in the next few years.

Great time for IOU to be at the cusp of launching BNPL

Yes there are competition - as there would be in all Western markets it is highly competitive space as we can see from Afterpay, Zip, Sezzle , Klarna, Affirm, Paypal and now the banks.

The advantage to IOU over our competitors is that we have many points of difference in IOU's business structure with its core operations being its service and collaborations with existing banks and other big corporations. We should use this to leverage a competitive advantage IMO.

IOU's is not a pure BNPL play - and has multiple and significant revenue streams so in that regards IOU's business model is well diversified

IOU Price at posting: 37.5¢ Sentiment: Hold Disclosure: Held
9 Upvote

0 Great analysis

Reply

Top Stories

SNG

Siren Gold boosts antimony resource by 66% to 14.5Kt at Auld Creek, NZ

WMG

Western Mines identifies 2 high-grade zones at Mulga Tank in WA

WR1

Winsome scoping study proposes low-cost operation for Adina lithium project

PTR

Petratherm adds $1.6 to the piggybank ahead of SA titanium drilling program

ALR

Altair Minerals hits high-grade copper and gold at Wee MacGregor, QLD