Nano, a Vietnamese start-up based on flexible employee pay, has recently put up funding equivalent to $ 3 Million. The freshly raised investment round is based on seed funding. Many prime and backup investors were part of this deal. Lead investors include Venturra Discovery and Golden Gate Ventures, while other investors who assist in this deal are FEBE Ventures, Good Water Capital, and Open Space Ventures. As per nano 3 million series goldenshutechcrunch
Nano Technology Service Private Limited.
Nano is a start-up that provides the facility of accessing the daily wages earned by employees across Vietnam. The company was co-found by Dung Dang and Thang Nguyen in March 2020 and is headquarter in Hanoi, Vietnam.
The full name of the firm is Vietnam Nano Technology Service Private Limited. It is helping various employers and employees across the nation to achieve financial stability using an application called VUI. as per nano 3 million series goldenshutechcrunch
The feature is not limit to any particular sector but rather works for different niches including garments, footwear, textiles, and food. Now the workers don’t have to wait for any particular date to cater to their financial needs, instead, they can access their earned money anytime. Recently, Nano technologies became the first company across Vietnam to join Y Combinator.
VUI is an application that works as an intermediate payroll for the process, and employees can use their earned wages immediately making a healthy financial arrangement in their lifestyle. Around, 60 % of people use the application right away after getting their monthly salary.
The daily pay start-up also offers advances to workers along with other features such as easy tracking of their expenses, Expense management while learning about the same from professionals.
This advance capital can be clear in the next cycle of their payroll. The start-up provides numerous assistance during the time of pandemic to its users. Currently, Nano Technologies is working on an approach called EWA, Earned Wage Access.
The company provides services for employees as well as employers. Some tough Competitors of Nanotechnologies include Wagestream, Gaveti, Osome, and Gusto.
Dzung Dang, current CEO and founder of Nano Technologies formerly worked as General Manager of Uber and Chief Executive Officer at Zalopay while Thang Nguyen, co-founder of, Nano was formerly a Chief Technical Officer at Focal Labs and See Space.
Dzung Dang said that this technique for accessing the payment and advances payroll is not only beneficial for low-income workers but also for various employers to stand out in the labor market as per the current conditions and problems of the financial labor market along with reducing the need for black market credit flow. With this new funding, Nano technology will increase its market by introducing new products in the market for a further boom in the financial market.
According to the CEO, currently, the start-up doesn’t have any plan to expand its business in other countries and will continue in Vietnam only.
The latest offering will help the better management of the entire system and generate heavy revenues by widening the engagement. Its clients include, Walmart is using the model since 2017 for Earned Wage Access for its employee, Uber, Lanchi Mart, GS 25 MC Donalds, Novote, Pizzahu,t and many more.
The latest funding will affect their current market value as well. Lanchi Mart CEO, Chi Phan on Nano Technologies said that this is a practical and valuable approach given by the start-up for accessing on-demand salary for employers and their entire team, and workers are grateful for the VU, which helps them boost their confidence during the tough times of Covid-19 Pandemic.
According to Harvard Kennedy School, the turnover rate decreased by around 18-24% due to EWA which helps stabilize the economy.VISA said that most of the employees are looking forward to working for companies that offer Earned wage access to them. For Annam Gourmet, it reduced the attrition rate by 63%.
Talking about the lead and backup investors for the deal, Golden Gate Ventures is a venture capital funding firm founded in 2011 and currently based in the Central region of Singapore.
Venturra Discovery is a venture capital investment company founded in 2018. It majorly invests in early-stage start-ups that have the capability of attaining high returns. The company is located in Jakarta, Indonesia.
Other investors are FEBE Ventures(a Singapore based Venture Capital fund company currently focussing on seed ventures and early-stage venture capitals), Good water Capital ( they help entrepreneurs who have the most extraordinary minds grow further by investing in their firms), and Last but not least is Open Space Ventures( venture capital investment firm that fund the early-stage companies using Active Intelligence ).
Shane Chesson, funding partner Openspace Ventures commented on the EWA model being a triple win for employees, employers, and society too. They are eagerly waiting to assist Nano Technologies in their further business plan by investment.
Before this $3 Million funding raised by Nano Technologies, the company already have multiple investment rounds including a Pre-seed funding round in 2020, another seed funding raised in March 2021, and Convertible note funding raised by the company in April 2021. nano 3 million series goldenshutechcrunch
Maybe in the future, the start-up will cover users from a broader range but as of now, it is operating in Vietnam only. While observing all these statements by its consumers and investors and as per the current success of the company, we can say that it is going on to make remarkable changes in making financial relations healthy and beautiful for its consumers.
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