Apr 28, 2022
Masan Group to Take $65 Mln Stake in Vietnam Fintech Startup
(Bloomberg) -- Masan Group is taking a 25% stake in Vietnamese fintech startup Trusting Social valued at $65 million as the consumer conglomerate accelerates its transition to e-commerce.
Masan will tap the startup Trusting Social’s fintech technology as it integrates its offline and online businesses, according to a statement from Masan. Trusting Social uses artificial intelligence to provide credit scores of more than 1 billion people.
The startup, a unit of Singapore-based Trust IQ Co., has been backed by funders that include Sequoia Capital, Tanglin Ventures Partners Pte and 500 Startups, according to the statement. It has more than 170 financial institutions as clients in Vietnam, Indonesia, India and the Philippines.
500 Startups is now called 500 Global.
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