Photo Le Toan

Indian debt recovery software giant Credgenics last week confirmed a $50 million raise in its Series B round. The financing round, which has drawn the attention of global financial circles, was spearheaded by investors such as Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and several other strategists.

The fresh inflow of capital has catapulted Credgenics market valuation to $350 million, a significant rise from the $100 million it was pegged at during its last Series A round in 2021, which had seen it raise $25 million.

Rishabh Goel, co-founder and CEO of Credgenics, said, “With these resources, we are poised to expand our groundbreaking debt recovery solutions, thereby empowering individuals and businesses globally to effectively manage their loan collections.”

Further strengthening its financial credentials, the company revealed that it had registered revenues of approximately $12.1 million in the 2022-2023 fiscal year. Its global footprint is expanding, with five operational offices in India, two in Jakarta and Singapore respectively, and an additional location soon to be inaugurated in Vietnam.

Elsewhere, Dutch fintech group Backbase in July cemented its partnership with Vietnam’s OCB bank, emphasising the goal to enhance the bank’s omnichannel capacities.

In the context of OCB’s prior in-house digital endeavours, which faced certain operational challenges, the alignment with Backbase’s EBP is perceived as a pivotal step towards adopting advanced fintech solutions that resonate with the evolving demands of Vietnam’s banking populace.

“The Backbase Engagement Banking Platform is based on three factors: a six-month go-live timeline; local support for implementation and future needs; and full control over building, owning, and customising differentiated upstream and downstream requirements,” said Nguyen Dinh Tung, CEO of OCB.

“OCB expects to accelerate customer acquisition growth and double its retail banking monthly active users in the first year of the platform launch, and target to grow to 10 million monthly active users within five years of launch,” he said.

In a similar vein, Israel fintech Personetics in May partnered with Techcombank to analyse individual customers’ financial transaction history and behaviour in a bid to provide personalised advice on saving strategies, recommend suitable financial products, and offer guidance for asset growth.

Preliminary outcomes from this partnership indicated a 9 per cent increase in Techcombank customer savings.

Meanwhile, TymeBank, a digital banking entity with a focus on emerging markets, has been mulling over its next expansion step after a recent capital boost. Vietnam has been identified as a potential market following comprehensive research and analysis. Based in Singapore, Tyme Group is making its second foray into an Asian market, following its debut in the Philippines last year.

“Vietnam, with its gaps in digital banking for small businesses, offers a compelling opportunity. We see our digital lending solutions bridging the financing gap for these underrepresented enterprises,” said co-founder and CEO Coen Jonker. “Vietnam’s thriving $366 billion economy, complemented by low unemployment, presents a promising environment.”

Kredivo Holdings, which oversees Kredivo and Krom Bank Indonesia, in March revealed a successful equity financing round, garnering $270 million in its Series D funding.

Beyond its primary market in Indonesia, Kredivo has established itself as a frontrunner in prepaid postpaid services in Vietnam.

Their venture into the Vietnamese market was initiated in 2021, partnering with Phoenix Holdings – a firm focused on financial services, retail, and consumer investments; and VietCredit, another key player in the financial services sector.

Elaine Liu, business development director of Eddid Financial in Hong Kong, said, “We designed and deployed our own trading app called Eddid One, which is available in some Southeast Asian markets now, and we are looking forward to taking our applications and solutions to the Vietnamese market. Vietnam is our third target within the ASEAN bloc, and we approach it with high hopes.”