Vietnam-based robo-advisor Finhay has reportedly closed a funding round to support the expansion of its market reach.
Jeffrey Cruttenden, the co-founder of micro-investing platform Acorns, ThienViet Securities and other unnamed investors, supplied the capital to the round, according to a report from Deal Street Asia.
The value of the investment was not disclosed.
With the capital injection, the company hopes to expand its market reach, improve its infrastructure and hire more staff.
Finhay, which was founded in 2017, is a robo-advisor platform which enables consumers to build portfolios, making investments from as little as around $2. The company has worked with around 20 investment funds and served over 100,000 customers, the article reports.
The FinTech previously raised $1.5m in funding from backers including H2 Ventures and Insignia Venture Partners.
Last week, Singapore-based robo-advisor Smartly closed down after competition in the market was too “intense.”
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