OnOnPay, a Vietnamese mobile wallet company targetting the unbanked market, announced today it has raised a US$800,000 Pre-series A round led by Gobi MAVCAP’s ASEAN SuperSeed Fund.
The round was conducted by Captii Ventures.
The company has built a web and smartphone app that allows users to top up their mobile phone accounts easily while incentivising users with credits, gifts and rewards.
OnOnPay plans to use the money to refine its acquisition strategy to grow its user base. It also plans on enhancing its tech platform.
Victor Chua, Gobi’s ASEAN Investment Director explained that one reason for the investment was OnOnPay’s focus on the ‘next billion’. Startups and VCs alike are often focussed on the first-tier cities and those served with decent internet penetration. Chua pointed out that the ‘other billion’ want the same services, and so companies can find opportunity in this frontier.
“Hence, OnOnPay opens up the market of untapped consumers to brands and products looking to scale beyond credit card subscribers. This is a solution that is catered to emerging and frontier markets such as Cambodia, Indonesia, and Myanmar. The company received a seed funding last year and says it saw significant growth as a result,” he said.
Sy Phong, the Founder and CEO of OnOnPay, said his company finds promise in the regional dynamics of having both mobile-first societies and large unbanked populations across the region.
Gobi Partners was founded in 2002 and is an early-stage VC firm focussed on digital media, IT and Technology, Media and Telecom (TMT) startups. The firm has raised eight funds and invested in 170 companies to date.
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