Vietnam Digest: Finhay bags $25m in Series B; Anfin raises $4.8m pre-Series A

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Vietnamese robo-advisor Finhay has bagged a $25-million Series B funding round while fintech startup Anfin has raised $4.8 million in its pre-Series A funding round.

Finhay bags $25m in Series B

Vietnamese robo-advisor Finhay has announced that it has bagged a $25-million Series B funding round co-led by Openspace Ventures and VIG. The round also saw participation from Insignia, TVS, Headline, TNBAura and IVC.

DealStreetAsia broke the news in May this year.

In a parallel development, Finhay has bolstered its market-leader position with the acquisition of a securities brokerage, making it the only licensed digital investment platform in Vietnam.

The new capital will be used to invest in strategic business expansion, talent acquisition and technology development.

“Finhay is already emerging as the clear frontrunner in Vietnam’s booming investment space. We believe a massive opportunity exists in Vietnam, which has an enterprising population hungry to invest smartly. Finhay’s recent developments have paved the way for continued growth as a broader wealth creation platform,” said Jessica Huang Pouleur, partner at Openspace.

Finhay claims that it has partnered with more than 50 of Vietnam’s most prestigious financial institutions, including domestic and international banks, investment funds and fintech businesses so far.

Recently, Finhay has completed the acquisition of securities company Vina Securities for an undisclosed amount, Fihay founder Nghiem Xuan Huy announced in a social media post.

Anfin raises $4.8m pre-Series A

Vietnam-based fintech firm Anfin announced it has raised $4.8 million in its pre-Series A funding round led by angel investor Clement Benoit and Y Combinator.

The round also saw participation from other notable investors including Rebel VC, Kharis Capital, Newman Capital, First Chek Ventures, Micro Ventures, Springcamp and AngelHub.

The funds will be deployed towards strengthening Anfin’s product development, especially its social investment product that lets users host and join live audio rooms.

Furthermore, Anfin will continue its partnership development to offer more financial asset classes from its current offering of over 300 stocks and nine ETFs, allowing users to trade and diversify their portfolios with a few simple clicks.

The funds will also be used to bolster Anfin’s relationship with local investor communities. This includes improving the library of free educational content and working directly with universities on products that incentivise financial literacy.

Launched in October 2021, the fintech startup’s fractional share trading feature allows users to start investing with just 10,000 VND ($0.43) while providing a simple way to build a balanced portfolio and invest in shares regardless of the share price.

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