Vietnam-based digital wealth management startup Finhay has raised an undisclosed amount in a fresh round of funding to expand its market reach, the media reported.
Investors who took part in the funding round for Finhay include Thien Viet Securities and Acorns co-founder Jefrey Cruttenden.
Reportedly, Finhay will also use the funds to add more personnel to its workforce and also upgrade its IT infrastructure.
With regard to the funding, Finhay’s founder and CEO Nghiem Xuan Huy said that with the financial support, experience, and expertise of its new investors, the startup can capture the potential in Vietnam’s wealth management sector and accelerate its growth.
Finhay’s wealth management platform helps users perform micro-investments in mutual funds in Vietnam starting from just $2.11. Established in 2017, so far Finhay has raised a total of $1.1 million in funding. With investments from Australia’s H2 Ventures and Singapore’s Insignia Ventures Partners, Finhay is among the most well-funded fintech startups in Vietnam.
Finhay is the first Vietnamese fintech Acorns co-founder has invested in. US-based Acorns is valued at $860 million and is one of the most valuable robo-advisers in the world.
Jeffrey Cruttenden told the media, “Finhay’s state-of-the-art technology solution is innovating its access to wealth management resources for millennials. With the increasing demand for financial technology in Vietnam, Finhay’s competitive advantage is its commitment to financial expertise and emphasis on education for the younger generation.”
As of September 30, Vietnam ranked second in ASEAN in terms of fintech funding, attracting 36 percent of the region’s fintech investment in 2019, second only to Singapore, according to a joint report by PricewaterhouseCoopers (PWC), United Overseas Bank (UOB), and the Singapore Fintech Association.