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Vietnamese Neobank Timo Raises $20M In Square Peg-Led Round

Jan 05, 2022over 3 years ago

Amount Raised

$20 Million

Financial ServicesProfessional Services

Description

Vietnam-based neobank Timo has raised $20 million in an investment round led by Square Peg, which has backed a spate of fintech players such as FinAccel, StashAway, Pluang and Airwallex across Asia.

Company Information

Company

Timo

About

The Canadian firm also forged a three-year insurtech partnership with GOFS. Timo also claims it is amongst the first banks in Vietnam to offer e-KYC. In another partnership in 2017, Canada’s Sun Life Financial acquired a 25% stake in Crescent Asia Limited, the holding company of Global Online Financial Solutions (GOFS), which operates Timo. Established in 2015, Timo is Vietnam’s first digital bank offering services ranging from payments, cards, to investment, insurance and installment.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech