CyberAgent Capital invests in Vietnam fintech TheBank.vn
TheBank.vn, the Vietnam-based fintech from SAMO company, has announced the completion its first round of funding from CyberAgent Capital and Ncore. The amount of the investment is undisclosed.
With this investment capital, TheBank.vn plans to improve customer experiences. This means launching registration forms for each loan service, improving the card opening process, helping people with insurance and selecting of financial products closest to their current needs. The company also seeks to improve the system to become a full stack solution provider of bid data, eKYC, chatbots, and credit scoring.
TheBank.vn is a financial comparison app that was established in 2014, and it claimed to own the largest number of traffic, partners and consultants in the country. Using the platform, customers can compare and evaluate products such as credit cards, unsecured loans, mortgage loans, savings interest rates and insurance products.
The company also provides advice, connections, and a package of financial product distribution packages for banks and insurance companies using its technology.
Four years into operation, TheBank.vn claimed to have served more than 1 million customers. It says it has 1,300 financial products and 24,000 active financial experts registered on the website to interact with customers.
“We strive to understand the nature of customers to achieve the effectiveness of the service, so a quality connection is critical,” said SAMO’s General Director Nguyen Dat.
With 41 per cent of Vietnamese adults not yet using banking services and only 8 per cent of the population participating in life insurance, TheBank.vn is hoping to serve this emerging middle class; not only in Vietnam’s main cities but also in the key provinces.
Dzung Nguyen, Head of Vietnam and Thailand Office of CyberAgent Capital highlighted the untapped potentials. “With the spread of consumer behavior based on technology and interest in experiential consumption in recent years, potentials of services in fintech companies are enormous. The key now is an extensive investment and right implementation,” said Dzung.