Kim An Group, a Vietnam-based fintech firm that provides end-to-end services in sales and credit scoring technology to connect banks and financial companies to the micro, small and medium businesses (MSME) in Vietnam, has secured an undisclosed amount of Series A funding from Patamar Capital, Viet Capital Ventures, and East Ventures.
The fintech firm plans to use the new funds to upgrade its core technology system to process data, optimize the company’s credit scoring platform, and better connect customers to financial institutions in Vietnam.
“There is widespread interest in providing financial services to micro, small and medium enterprises (MSME), the backbone of the Vietnamese economy. However, while interest is high, very few have cracked the code in terms of how to serve this segment effectively,” said Shuyin Tang, partner at Patamar Capital.
Access to credit is still one of the greatest obstacles to the growth of small and medium-sized enterprises (SMEs) in Vietnam, where only 39% of the SMEs have received bank loans, according to a research conducted by the Asian Development Bank in 2019.
Kim An Group has also signed agreements with credit institutions including Nam A Commercial Joint Stock Bank and FE Credit, a financial company under Vietnam’s VPBank, to develop consumer loans for individual customers, household business, micro enterprises and to increase connectivity between credit institutions and customer segments.
The company claims to have disbursed more than 25,000 loans to the local customers, with further ambitions to accelerate financial inclusion in Vietnam.