Vietnam – Vietnam’s digital investment platform, Finhay, has secured a US$25m Series B round co-led by Openspace Ventures and VIG. The round also counts Insignia, TVS, Headline,TNBAura, and IVC, amongst those who participated.
Alongside this fundraising, Finhay has bolstered its market-leading 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 aims to provide Vietnamese consumers with easy and convenient digital access to financial services. With a youthful and ambitious population now looking to invest, the market holds significant promise and Finhay has been able to capture users seeking to capitalise on this opportunity – amassing more than 2.7 million registered users. In 2021 alone, it gained 150% more users, buoyed by the release of four new products, namely cash-wrapped accounts with CIMB, gold trading, a 12-month saving product, and stock trading.
Huy Nghiem, CEO and founder of Finhay, commented that they are thrilled to welcome Openspace, VIG and other investors, and look forward to how their funding and understanding of Southeast Asian fintechs help 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,” said Nghiem.
Meanwhile, Jessica Huang Pouleur, partner at Openspace, said, “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 for the chance to invest smartly. Finhay’s recent developments have paved the way for continued growth as a broader wealth creation platform. We are thrilled to partner with Huy and the relentless Finhay team in their mission.”