Nano Technologies, a start-up that allows employees in Vietnam gain access to their made salaries promptly via an application called VUI, has actually increased $3 million in seed financing. The oversubscribed round was led by returning capitalists Golden Gate Ventures as well as Venturra Discovery, as well as consisted of engagement from FEBE Ventures, Openspace Ventures as well as Goodwater Capital.
Nano lately participated in Y Combinator’s accelerator program. Golden Gate Ventures as well as Venturra Discovery both took part in its pre-seed financing. The start-up was started at the start of 2020 by Dzung Dang, previously a basic supervisor at Uber as well as ceo of ZaloPay, as well as Thang Nguyen, that formerly functioned as primary modern technology policeman at Focal Labs as well as SeeSpace.
VUI released 6 months earlier, as well as currently offers greater than 20,000 workers from firms like GS25, LanChi Mart as well as Annam Gourmet. Nano Technologies asserts that concerning 50% to 60% of workers enroll in VUI as quickly as their companies supply it, as well as make use of the solution concerning 3 times on a monthly basis to withdraw their made salaries.
Nano’s made wage gain access to functions can be made use of by companies of all dimensions, in all industries, to supply adaptable pay to their workers, yet its emphasis is presently on retail, food as well as drink, as well as production, specifically for fabrics, garments as well as footwear. The start-up claims firms in these industries have actually seen employment boost, while employee retention declines. This remains in component since lots of people are choosing job economic climate work, like ride-sharing, where their earning are immediately transferred right into their electronic budgets or checking account.
Nano generally fronts wage advancements, and afterwards is repaid back by companies on their cash advances via pay-roll reduction. Employers that have greater liquidity can additionally front salaries via their very own annual report. VUI is generally provided by companies as an advantage, as well as they can choose to cover costs, have their employees pay costs or make use of a co-pay design.
Nano is amongst a plant of firms throughout the globe that supply made wage gain access to, indicated to assist firms preserve employees by allowing them take out revenues whenever they desire, as opposed to waiting till cash advance. In Southeast Asia, this additionally consists of GajiGesa in Indonesia. In the remainder of the globe, various other firms that supply comparable solutions consist of Square, London-based Wagestream as well as Gusto). Nano’s strategy is to proceed concentrating on Vietnam, as well as establish brand-new items for companies, consisting of devices for taking care of personnel as well as interaction.
In a press declaration, Chi Phan, the Chief Executive Officer of LanChi Mart, a subsidiary of Central Retail with around 2,000 workers, claimed “On-demand salary via VUI is an obvious idea and practical HR initiative that LanChi team is pleased to roll out to our employees as a new voluntary benefit. VUI provides a much-needed financial lifeline from LanChi to our employees, keeping the employee morale up during the COVID-19 pandemic and reducing attrition rites post-Tet.”