Vietnamese fintech Finhay raises $25m in Series B round
Vietnamese micro-investing wealth management platform Finhay has raised $25 million in a Series B funding round led by Openspace Ventures.
Finhay says it will use the fresh capital to scale its business and recruit new talent, while also improving the user experience and its technologies.
The funding round follows Finhay’s acquisition of Vinha Securities, a personal investment app that claims to have more than 2.7 million users.
Since 2017, Finhay allows users to micro-invest in Vietnam’s mutual funds (investments which consist of a portfolio of stocks, bonds or other securities). Investments in these portfolios can start from just VND 50,000 ($2.11).
“The financial market in Vietnam still has a lot of potential and many people want to invest,” says Nghiem Xuan Huy, founder and CEO of Finhay.
“Understanding this mentality, the team is always trying to find ways to simplify financial investment for everyone. We are delighted to receive such a large investment at such a promising time.”
Finhay last raised an undisclosed seven-digit investment in a funding round held in April 2020.