Vietnamese fintech startup GIMO, which offers on-demand pay for blue-collar workers, allotted shares worth $6.3 million last week.
The shares were issued to investors, including Integra Partners, TNB Aura, Resolution Ventures and Y Combinator. The allotment includes fresh equity funding of $4.6 million.
Earlier in November 2021, the startup had raised $1.9 million in a seed+ round amid a pandemic-induced demand for more convenient payroll services.
Officially launched in early 2021, GIMO allows employees to access their earned salary almost instantly via a mobile app integrated with the company’s payroll system. Users can also keep track of their workdays and daily earnings in real time and receive personal finance tips.
Top shareholders in GIMO
Singapore-based crypto lending and trading platform Vauld allotted shares worth $4 million to investors, including Pantera Capital, Coinbase Ventures, Gumi Cryptos Capital and CMT Digital, last week.
In July last year, the startup froze consumer withdrawals, trading and deposits on its platform after facing “financial challenges” amid a crypto market downturn. According to media reports, a Singapore court recently extended Vauld’s creditor protection period to February 28, as the company has not yet developed a restructuring plan.
Two undisclosed digital asset fund managers, meanwhile, have reportedly submitted bids to handle the tokens stuck on Vauld’s platform.
Other updates from DATA VANTAGE
Imajin, an Indonesian digital manufacturing hub, announced this week that it has raised an undisclosed amount in seed funding led by East Ventures, with participation from 500 Southeast Asia, Init 6 and several other investors. According to its regulatory filings in Singapore, the startup has raised $810,000 in seed funding so far.
Singapore-based data analytics startup Canopy posted a 14.3% hike in revenue for the financial year ended June 30, 2022. However, its losses surged by over 60% during the period.
Singapore-based smart mobility solutions provider MooVita more than doubled its revenue for the financial year ended April 30, 2022. However, its net loss for the same period widened by 30%.
Embedded finance startup Credify reported an over 47% surge in its net losses for the year ended September 30, 2022.
Indian health tech platform NirogStreet posted a more than 2.8x increase in its losses for the year ended March 31, 2022, while its revenue improved by 50%.
Indonesian e-commerce brand acquirer Hypefast recorded a nearly 17x jump in its revenue for the financial year ended December 31, 2021, while its net losses more than doubled.