<article><a style="color: #000080;" href="https://www.dealstreetasia.com/tag/insignia-venture-partners/">Insignia Venture Partners</a> has joined a six-figure funding round in Finhay, a Vietnam-based company that allows users to invest their idle money in open-ended funds.</article>

<a style="color: #000080;" href="https://www.dealstreetasia.com/tag/insignia-venture-partners/">Insignia Venture Partners</a> has joined a six-figure funding round in Finhay, a Vietnam-based company that allows users to invest their idle money in open-ended funds.
Other investors participating in the investment include Hong Kong-based <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/zeroth/">Zeroth.ai</a> and Rhombuz Ventures, Nghiem Xuan Huy, founder and CEO of Finhay, told DEALSTREETASIA.
The startup was previously backed by Australia-based H2 Ventures and former CEO of Vietnamese brokerage house VNDirect Securities.
Huy revealed that the latest investment will be used to grow its customer base as well as fund partners.
Following the robo-advisor model, Finhay currently has around 13,000 users, and has advised and managed over VND7 billion ($304,000) on its platform.
Users can start with a capital as low as VND50,000 ($2.17) to invest in funds managed by Finhay&#8217;s partners, including VietFund Management, Techcom Securities, Bao Viet Fund, IPA Asset Management and SSI.
&#8220;Our business initiated from the financial demand of the millennials, who after spending money on experiencing new services will think of saving and investments. That is also a trend happening around the world with many similar companies established in the US and Asia Pacific,&#8221; said Huy.
&#8220;The Vietnam market is very promising thanks to its densely populated demographics with around $2,300 GDP per capita. In addition, Vietnam is also among countries with high technology penetration, and the government is supportive in terms of promoting the technology and financial service sectors,&#8221; he added.
Insignia Venture Partners, the Singapore-based firm led by former Sequoia venture capitalist Yinglan Tan, last year also joined a pre-Series A round in Indian online investment platform <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/india-info-edge-zippserv-groww-synthera-101544/">Groww</a>. Most recently in January 2019, the firm participated in a $2.2-million financing for Indonesian platform <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/indonesia-ajaib-softbank-116295/">Ajaib</a>.
Vietnam has not seen a lot of personal finance management startups. Apart from Finhay, Money Lover is another player in the niche that allows users to manage their spending and savings. Most of the current fintech companies in Vietnam are payment platforms.
According to DEALSTREETASIA&#8217;s data, around half of Vietnam&#8217;s licensed payment companies have bagged investments from international firms. Most recently, e-wallet app MoMo has raised a Series C funding round led by <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/warburg-pincus/">Warburg Pincus</a>.
Also read:
<a href="https://www.dealstreetasia.com/stories/asian-firms-own-stakes-in-half-of-vietnams-licensed-payment-services-110594/">Asian firms own stakes in half of Vietnam’s licensed payment services  </a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/warburg-pincus-leads-around-100m-funding-in-vietnamese-e-wallet-momo-117956/">Warburg Pincus leads around $100m funding in Vietnamese e-wallet MoMo</a>

Insignia Venture Partners has joined a six-figure funding round in Finhay, a Vietnam-based company that allows users to invest their idle money in open-ended funds.

Exclusive: Insignia Venture invests in Vietnamese fintech firm Finhay

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Exclusive: Insignia Venture invests in Vietnamese fintech firm Finhay

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