Vietnam-based robo-adviser Finhay has raised an undisclosed sum in a fresh round of funding from Jeffrey Cruttenden, the co-founder of American micro-investing platform Acorns, and Thien Viet Securities Company, among others.
Finhay said it will use the latest funding to expand its market reach, optimise its IT infrastructure and recruit more talent. The startup will also invest in market education initiatives to provide Vietnamese users with more resources on wealth management.
“We are just tapping the surface of the potential of the wealth management sector in Vietnam,” said Finhay founder and CEO Nghiem Xuan Huy.
While the local market is fragmented, there is a significant demand in the country to provide engaging and diversified financial services for younger generations, he added.
Finhay allows users to start investments with only 50,000 dong ($2) of idle money. It claims to have worked with more than 20 investment funds in Vietnam, served over 100,000 users and facilitated transactions worth 45 billion dong ($1.9 million) in total.
Founded in 2017, the startup had earlier raised $1.5 million in total funding from investors including Australia-based H2 Ventures and Insignia Ventures Partners.
Finhay is understood to be the first investment in Vietnam by the Acorns co-founder. The US-based firm, valued at $860 million, is one of the most valuable robo-advisers in the world.
Meanwhile, Vietnamese listed brokerage house Thien Viet Securities counts Apollo Asia Fund, Wardhaven Capital and International Finance Corporation as its investors.
Although fintech has become one of the most funded sectors in Vietnam, it is still early days in the country for robo-advisory services. Other players in the segment include Stockbook and Finhome, which focuses on real estate financing.
Last month, VinaCapital decided to shut down Singapore-based robo-adviser Smartly due to intense competition in the market.
