VayMuon.vn, Vietnam's first and largest P2P lending platform recently announced closing of seed round funding from VietinBank Insurance (VBI).
Aiming to target customers who are underserved by banks and financial institutions, for the past 2 years, VayMuon.vn has been delivering a secure and convenient approach to personal financing services. For the first time in the history of credit services, borrowers across the country are able to experience online mortgage loan service without face-to-face meetings; such has contributed greatly to repel the black market's loan activities and to help complete the comprehensive alternative financial services loop in Vietnam.
To date, VayMuon.vn has affirmed its position as the largest P2P lending platform in Vietnam, connecting more than 2 million customers to 400,000+ individual investors with the steady monthly growth rate of 20%; in which repeat loan rate remains stable at close to 50%. Starting with solely 5 members, VayMuon.vn now employs more than 200 staff working in 4 offices in Vietnam, Myanmar, Cambodia and Thailand. VayMuon.vn does this by continuously investing in the IT system and AI technologies to deploy automation in credit assessment & scoring as well as approval of loan applications without heavy dependence on paper-based procedures and human resources.
VayMuon.vn previously received seed investment from Nexttech Group, its current strategic investor in exchange for 20% equity, and is now looking to close the series A round, ranging from 5 to 10 million USD, by end of 2019.