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Vietnam's first and largest P2P lending platform - VayMuon.vn announces the close of seed round funding

Celebrates its strategic partnership with VietinBank Insurance (VBI) to ensure peace of mind for borrowers and investors
2019-07-26 12:35 1688

HANOI, Vietnam, July 26, 2019 /PRNewswire/ -- 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.

The signing ceremony of strategic partnership between VayMuon.vn and Vietinbank Insurance
The signing ceremony of strategic partnership between VayMuon.vn and Vietinbank Insurance

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. This will allow VayMuon.vn to continue investing to improve the current system and technologies as well as to launch more products in the coming year with the extensive synergized support from Nexttech's multi-sector ecosystem with 12 million customers and over 60,000 points of sales. The raised amount will also be allocated to regional expansion to Myanmar, Cambodia and Thailand.

Speaking at the ceremony to announce VayMuon.vn's strategic partnership with VBI, Ms.Trang Dao (CEO) stated: "This partnership plays a crucial part in our efforts of building a comprehensive alternative financing services ecosystem. Accordingly, VBI will help repay loans on behalf of unfortunate borrowers who encounter unforeseen risks; such is to help investors secure their disbursed capital and make it easier to make investment decisions. We believe that when the risks are hedged and insured, our customers - both borrowers and investors - will be enabled to enjoy their life without worrying about financial matters."

Photo - https://photos.prnasia.com/prnh/20190725/2534656-1?lang=0

Source: VayMuon.vn
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