Finnomena, a Thailand-based financial technology startup that launched the country’s first crowdsourcing robo-adviser last year, has secured $10 million in its Series B funding round co-anchored by Openspace Ventures and Gobi Partners.
Premier Advisory Group, SMEs Private Equity Trust 3, Krungsri FInnovate, BCH Ventures, 500 TukTuks, and angel investors, also participated in the funding round that will be used to boost Finnomena’s expansion both in Thailand and in other Southeast Asian markets.
Founded in 2016 by Jessica Sookdhis, Chayanon Rakkanjanan, and Kasin Suthammanas, Finnomena operates a digital wealth management platform that offers investment products, financial advice, analysis tools, and investment content of its users.
It claims to have over 120,000 subscribers and about $270 million in assets under management. In September 2017, the startup raised $3.2 million in its Series A round led by Krungsri Finnovate, the corporate venture capital firm of Krungsri Bank.
In July last year, the startup launched GuruPort, a crowdsourcing robot-adviser investment service that allows customers to make investment decisions based on experts’ strategies.
With a total of $13.2 million in funding, Finnomena is set to increase its talent pool, strengthen its technology stack, and expand its knowledge hub and product suite, according to the co-founders.
The company also said it will include tax-deductible mutual funds, global managed account EFTs, and P2P lending marketplace in its product offering to achieve its goal of at least 100 million monthly views and AUM of $3 billion by 2023.
“With a strong technology, sleek and user-friendly interface, and a highly experienced management team, Finnomena is one of the strongest startups in the country and we look forward to taking them to their next stage of growth,” said Shane Chesson, general partner and founder of Openspace Ventures.
Shannon Kalayanamitr, venture partner at Gobi Partners, said Finnomena enables the emerging middle class to make investments, disrupting the wealth management industry through its strategy and financial content.
Finnomena’s funding and planned expansion come as Thailand’s wealth management industry continues to boom as the country’s population of high-net-worth individuals (HNWIs) keeps on rising.
According to the Global Wealth Databook 2018 released by Credit Suisse, Thailand had 39,814 HNWIs in 2018, up from 14.561 in 2011, triggering the growth of the country’s wealth management industry.
In February last year, another Thai wealthtech startup, Jitta, raised $6.5 million in a pre-Series A funding round led by Beacon Venture Capital, the corporate venture capital arm of Thailand’s Kasikornbank.
The said funding marked the largest pre-Series A for any Thai startup.