The Rise of Vietnam’s Fintech Scene: Key Venture Capital Players
An Overview of Vietnam’s Fintech Landscape
Over the past few years, Vietnam has made significant strides in becoming one of the fastest-growing fintech markets in Southeast Asia. A combination of increased customer adoption, sustained venture capital (VC) funding, and strong governmental support for innovation has created a fertile ground for fintech startups. With a youthful population eager to embrace digital solutions, the demand for fintech products ranges from mobile payments to lending solutions, drawing the interest of both local and international venture capital firms.
Prominent VC Firms Shaping the Fintech Future
As this landscape evolves, several venture capital firms are emerging as key players, actively investing in and shaping the fintech sector. These firms, comprising both local and foreign entities, are pivotal in providing the financial backing and strategic expertise needed for startups to thrive. Here’s a detailed look at ten influential VC firms fueling Vietnam’s fintech revolution.
Ascend Vietnam Ventures (AVV)
Based in Ho Chi Minh City, Ascend Vietnam Ventures (AVV) launched in 2021 by 500 Startups Partners Binh Tran and Eddie Thai. With a US$64 million flagship seed fund, AVV focuses on early-stage investments, providing up to US$2 million per startup. The firm prioritizes fintech investments, successfully backing innovative companies such as MFast, which enables users in remote areas to access financial services, and Easygop, a buy now, pay later (BNPL) provider.
500 Startups Vietnam
Another significant player is 500 Startups Vietnam, co-founded by Binh Tran and Eddie Thai. Known for its active involvement in the startup ecosystem, this fund has invested in over 70 companies, including notable fintech ventures like Axie Infinity and Trusting Social. While the fund is fully deployed, it remains engaged in supporting its portfolio companies.
VSV Capital
Founded in 2014 and based in Hanoi, VSV Capital specializes in early-stage technology companies. With more than 80 investment deals under its belt, VSV Capital has a keen interest in fintech, edtech, and logistics sectors. It offers pre-seed and seed-stage startups the opportunity to validate their business models quickly, with portfolio companies such as Finhome and Hectagon Finance leading the charge.
VinaCapital Ventures
VinaCapital Ventures is backed by VinaCapital Group, one of Vietnam’s major asset management companies. With a US$100 million fund, it invests in technology startups aiming for regional expansion. Its portfolio includes fintech companies like Nextpay and Sygnum, who benefit from VinaCapital’s established network and expertise.
Zone Startups Vietnam
Part of a global accelerator network, Zone Startups Vietnam offers startups the necessary guidance to validate their product-market fit. Since its inception in 2018, it has fostered numerous fintech companies, such as Deepview and Fundiin. The firm also works closely with corporate clients to support innovation efforts.
Do Ventures
Founded in 2020, Do Ventures focuses on early-stage technology firms across Southeast Asia. With a keen eye for promising fintech startups, its portfolio includes MFast and Validus. The firm emphasizes creating disruptive products that cater to Vietnam’s burgeoning middle class.
ThinkZone Ventures
Established in 2018 with a US$60 million fund, ThinkZone Ventures focuses on a wide range of sectors, including fintech. It provides funding from pre-seed to Series A stages, helping startups like Gimo and Fundiin gain traction. The firm is heavily involved in both direct investments and accelerator programs.
Son-Tech Investment
Son-Tech Investment, founded in 2020, aims to support world-class technology companies in Vietnam with its US$50 million fund. It invests in various sectors, including fintech, and has backed startups like Easygop. The firm leverages its network in Southeast Asia to empower young entrepreneurs.
Openspace Ventures
Founded in 2014, Openspace Ventures manages over US$650 million and focuses on technology investments across Southeast Asia. The firm collaborates closely with its portfolio companies, including Finhay, a licensed brokerage firm. With offices in multiple Southeast Asian cities, Openspace is well-positioned to influence the region’s fintech evolution.
Golden Gate Ventures
As a seasoned VC firm, Golden Gate Ventures has been active since 2011, supporting startups across Southeast Asia. With a focus on innovative tech solutions, its portfolio includes multiple Vietnamese startups, such as the online payment gateway Baokim.vn.
The interplay between these venture capital firms and the burgeoning fintech scene in Vietnam promises a vibrant future. As customer needs continue to evolve, these investors are pivotal in driving innovation and expanding access to financial services across the country.