Vietnamese Fintech Startup Raises $25 Million Series B Round From Openspace, Vietnam Investments Group
Share this @internewscast.com


Vietnamese fintech startup Finhay has raised a $25 million Series B round led by Singapore-based Openspace Ventures, an early backer of Indonesia’s GoTo Group and 30 Under 30 Asia honoree Rexy Josh Dorado’s Manila-based social media site Kumu, and private equity firm Vietnam Investments Group.

Other investors in the round included Singapore-based Insignia Ventures Partners, TVS, Headline,TNB Aura and IVC, Finhay said in a statement. Earlier this month, Insignia, whose other investments include GoTo and Singapore-based used-car unicorn Carro, led a pre-Series A funding round for Bluesheets, a financial data startup in Singapore.

MORE FROM FORBESSingapore Financial Data Startup To Double Down On Global Expansion After Insignia-Led Funding Round

The funds will be used to invest in business expansion, talent acquisition and technology development. Finhay also bought a securities brokerage, making it the only licensed digital investment platform in Vietnam, according to the startup.

Finhay was founded in 2017 by Huy Nghiem, a Vietnamese-Australian who quit his finance job in Australia. The startup operates a micro-investment platform for Millennials and has more than 2.7 million registered users in the country of almost 100 million people. It recommends multiple micro-financial products including saving, investment and insurance based on the customer’s personal information and risk assessment. The customers can then start building their wealth through Finhay with as little as $3. Nghiem, who made the 30 Under 30 Asia list in 2020, envisions Finhay as a one-stop solution where customers can manage their wealth seamlessly.

“Finhay is already emerging as the clear frontrunner in Vietnam’s booming investment space,” Jessica Huang Pouleur, partner at Openspace, said in the statement. “We believe a massive opportunity exists in Vietnam, which has an enterprising population hungry for the chance to invest smartly.”

The Vietnamese economy has grown since 2012, posting 6% growth or higher every year through 2019 on the strength of export manufacturing and the spending power of its population. Growth fell to 2.9% in pandemic year 2020 and 2.6% last year.

“A large number of people are now looking for ways to start investing – often for the first time, and we are exploring different ways to enable them,” added Nghiem. “It’s such an important inflection point.”

Other rising fintech platforms in Vietnam include MoMo, which has raised money from the likes of Goldman Sachs, Warburg Pincus and Vietnam Investments Group, and Toss, the fintech superapp operated by South Korean billionaire Lee Seung-gun’s Viva Republica.

Share this @internewscast.com
You May Also Like

Home Builders Slash Prices As Buyers Cancel Contracts, Mortgage Rates Rise

Topline Home builder confidence plunged to a new two-year low in August…

Tanger Factory Outlet Centers For 4% One-Month Potential Return

Long-term interest rates chugged higher throughout the first half of 2022, and…

HBO’s ‘The Rehearsal’ Recap, Episode 5: Culture Clash

Nathan Fielder plays husband and parent, to mixed results. HBO Throughout Nathan…

Philippine Tycoon Dennis Uy’s Firms Roll Over Debts, Tap Funding From Billionaire Enrique Razon As Losses Deepen

Dennis Uy, chairman and president of Phoenix Petroleum Holdings, speaks during a…

Will Taking Spousal Benefits Affect My Social Security Benefit Rate?

Ask Larry Economic Security Planning, Inc. Today’s Social Security column addresses questions…

Judge Knocks 3M Bankruptcy Strategy for Military Earplug Lawsuits

A federal judge criticized 3M Co. ’s attempt to use the protections…

Everton Should Consider Anthony Gordon Sale If Chelsea Raise Transfer Bid

LIVERPOOL, ENGLAND – MAY 19: Anthony Gordon of Everton during the Premier…

Dow Falls 200 Points, Stocks Lose Steam After Target Profits Plunge

Topline The stock market fell on Wednesday, with the recent rally on…