Ex-Uber Executive’s Startup Raises $3 Million For Daily Pay App
(Bloomberg) -- Nano Technologies, developer of an app that allows Vietnamese workers to be paid daily, raised $3 million in pre-seed and seed rounds, according to co-founder Dzung Dang, former general manager of Uber Technologies Inc. in Vietnam.
Golden Gate Ventures and Venturra Discovery co-led the pre-seed round last year that also included FEBE Ventures Pte. The seed round, backed by the same investors, included Goodwater Capital and Openspace Ventures during Silicon Valley’s Y Combinator Demo Day on March 27.
The app is now being used by more than 20,000 workers, Dang said. It is designed for workers in sectors from retail to construction whose monthly incomes are less than 15 million dong ($650.73), he said.
The app, the first of its kind in Vietnam and dubbed VUI, aims to help workers vulnerable to underground lenders charging interest rates of 300% to 500% and companies increase employee retention, said Dang, whose startup, founded in 2020, is headquartered in Hanoi and incorporated in Singapore. The app allows workers to tap their pay based on accrued work hours instead of waiting for the end of the month.
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