Vietnamese pawn chain operator Vietmoney has closed its series A funding round with Probus Opportunities (Probus) and Digi Ventures (DV). Probus and DV will hold a combined 30% stake in Vietmoney and both shall join the Board of Directors. Established in 2016, startup Vietmoney’s pawn chain system operates under an O2O model (Online to Offline), and currently has 16 branches operating in Ho Chi Minh City, serving more than 20,000 regular customers. The series A financing will allow Vietmoney to rapidly accelerate its growth in the under-served Vietnamese pawn market. Mentioning the goal of Vietmoney in the next development phase, Vietmoney founder Trinh Van Phuong said that the company is looking to expand its network to 100 branches, with coverage in 28 cities and provinces nationwide, building a convenient financial services channel offering assurance for customers in the subprime segment in Vietnam. Incoming director Mr. Marc Lavoie from Probus Opportunities, said, “We’re very pleased to partner with Phuong, the outstanding team at Vietmoney, and also with Digi Ventures. We look forward to working with them to build on the great foundations already laid by the Vietmoney team. With more than 50% of Vietnam’s population lying in the subprime market segment, there… Read full this story
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