Vietnamese fintech startups Finhay nets US$25M Series B, Anfin bags US$4.8M pre-Series A

Openspace, VIG co-lead digital investment platform Finhay’s US$25M Series B round

Finhay, a digital investment platform in Vietnam, has secured a US$25 million Series B round co-led by Openspace Ventures and VIG. Insignia Ventures Partners, TVS, Headline, TNBAura and IVC also participated.

The new capital will be used to invest in strategic business expansion, talent acquisition and technology development.

Finhay was founded in 2017 to provide Vietnamese consumers with convenient digital access to financial services. As of 2021, there were only four million securities-trading accounts in Vietnam having a population of around 98 million.

The firm claims it has amassed more than 2.7 million registered users so far. In 2021 alone, it gained 150 per cent more users, buoyed by the release of four new products: cash-wrapped accounts with CIMB, gold trading, a 12-month saving product and stock trading.

Also Read: Vietnam’s Finhay raises funding to help millennials make better financial decisions

“Many people are now looking for ways to start investing, often for the first time, and we are exploring different ways to enable them. It’s such an important inflexion point,” said Nghiem.

Finhay has already doubled its team size in the past year, with 50 new employees. It has also partnered with more than 50 of Vietnam’s most prestigious financial institutions, including domestic and international banks, investment funds and fintech businesses.

Clement Benoit, Y Combinator invest in Anfin’s US$4.8M pre-Series A round

Anfin, an online stock trading platform, has raised US$4.8 million in its pre-Series A funding round led by Clement Benoit (Founder of Stuart & Not so Dark) and Y Combinator.

The round also saw participation from Rebel VC, Kharis Capital, Newman Capital, First Chek Ventures, Micro Ventures, Springcamp, and AngelHub.

Anfin will use the money for product development, especially the social investment product that lets users host and join live audio rooms. Through the use of tech-enabled profiling and risk assessment, Anfin will enable credible investors a platform to share ideas, strategies, and trades.

Furthermore, Anfin will continue its partnership development to offer more financial asset classes from its current offering of over 300 stocks and nine ETFs, allowing users to trade and diversify their portfolios with a few simple clicks.

Also Read: Gojek, Google and Grab CEOs back Vietnam’s stock trading app Anfin’s US$1.2M round

The funds will also be used to bolster Anfin’s relationship with local investor communities. This includes improving the library of free educational content and working directly with universities on products that incentivise financial literacy.

Launched in October 2021, Anfin enables customers to engage in stock investment and provides a fast and convenient trading experience. Through its value-added technology and financial services, Anfin’s fractional share trading feature allows users to start investing from only 10,000 VND (US$0.43) while providing a simple way to build a balanced portfolio and invest in shares regardless of the share price.

Its app has seen a jump in activity during the COVID-19 pandemic due to the growing preference for mobile banking and online investments. Currently, counting more than 100,000 in funded accounts, deposits have reached up to US$5 million and US$10 million in total transaction value.

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