Timo secures $20mln in fresh funding led by Square Peg
Investment round in Vietnam’s top digital bank led by leading global VC firm Square Peg, together with Jungle Ventures, Granite Oak, FinAccel, existing investor Phoenix Holdings, and other super angels.
How Timo is redefining banking in Vietnam
Established in 2015, Timo is Vietnam’s first digital bank and has steadily evolved to become the country’s leader in digital banking. It announced a strategic partnership in 2019 with Viet Capital Bank, further accelerating its growth.
Timo - which stands for Time and Money - has consistently emphasized customer-centricity at its core. The company is widely recognized as being one of the first banks in Vietnam to offer eKYC services. Operating in a country where the banking adoption rate is still relatively low, this helps customers save time during on-boarding and allows them to access other banking services online faster through its platform. More recently, the company has been accelerating its vision of social banking, recognizing that banking and financial services are always embedded in a broader context.
Securing the backing of Square Peg
With over $1 billion in assets under management, Square Peg has backed category-defining companies, including Southeast Asian fintech giants like Kredivo, StashAway, and Pluang. Square Peg’s mission is to empower exceptional founders, and has invested over $200 million in Southeast Asian startups.
“We have been impressed by the Timo team’s vision to transform banking in Vietnam,” said Mr. Tushar Roy, Square Peg Southeast Asia Partner. “In a market with almost no other independent, digital-native players, Timo has stood out from the crowd. It is a mission-oriented team aligned around creating beautiful experiences for customers and bringing more people in Vietnam into the financial ecosystem. We are excited to support Timo on its journey.”
“This funding round is not only a sign that digital banking is the future in Vietnam, but also demonstrates investor confidence that Timo is leading this important sector,” said Mr. Henry Nguyen, CEO Timo Digital Bank. “We are deeply committed to our mission of setting the benchmark for modern banking in Vietnam while bringing greater financial inclusion and accessibility to the majority of the population, which remains unbanked. Timo aims to become the bank that is at the center of our customers’ financial lives. We are delighted to have world-class investors led by Square Peg joining us on our journey.”
About Square Peg
Square Peg is a global investment firm on a mission to empower exceptional founders. With teams in Singapore, Israel, and Australia, Square Peg invests in emerging technology companies across the internet economy. It has over $1 billion in assets under management across multiple funds and has invested in category-defining companies such as Fiverr, Canva, PropertyGuru, and Airwallex. Since 2013, it has invested over $200 million in Southeast Asia in companies including Pluang, Stashaway, DoctorAnywhere, and Neuron Mobility. In 2021, Square Peg expanded into global listed equities, with the launch of the Global Tech Fund.
About Timo
Timo is Vietnam’s very first digital banking platform and has rapidly developed over the past six years and become the country’s No.1 digital bank. Timo’s commitment to continuous innovation and its customer-centric approach have positioned it as a true digital banking pioneer and a leader in redefining modern banking services in Vietnam and beyond. In the past several years, its efforts have been recognized through many honors inside and outside of Vietnam, including being named in the Top 50 FDI Enterprises in Vietnam 2021 as the “Leading Digital Banking Platform in Vietnam” in the Golden Dragon Awards and “Best Digital Bank in Vietnam 2021” as voted by International Business Magazine.
