Finhay, a Vietnamese digital investment platform, has secured $25m in a Series B round co-led by Openspace Ventures and VIG.
Also taking part in the round were TVS, Insignia, Headline, IVC and TNBAura. The company claims the new funding will be used to invest in business expansion, talent acquisition and tech development.
Founded in 2017, Finhay was created with the purpose of providing Vietnamese consumers with easy digital access to financial services. The company has already amassed more than 2.7 million registered users, making it the country’s leading digital investment platform.
In 2021, the company gained 150% more users following the launch of four new products – cash-wrapped accounts, gold trading, stock trading and a 12-month saving product.
Finhay has doubled its team size in the last 12 months, with 50 new employees joining the firm.
Huy Nghiem – CEO and founder of Finhay – said ,”We are thrilled to welcome Openspace, VIG and other investors, and look forward to how their funding and understanding of Southeast Asian fintechs helps accelerate Finhay’s growth. 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. It’s such an important inflection point.”
Alongside the capital raise, Finhay recently bolstered its market position with the acquisition of an unnamed securities brokerage. The firm claims this makes it the only licensed digital investment platform in Vietnam.
Prime Trust, a provider of financial infrastructure for FinTech and digital asset innovators, recently raised $107m in Series B funding.
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