Financial startup Anfin raises $4.8 mln
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Financial startup Anfin, which seeks to make stock investment easy for any user, has raised funding of $4.8 million in a Pre-Series A round from a consortium of investors.
It was led by angel investor Clement Benoit and U.S.-based startup accelerator Y Combinator. The money will be used to improve its app by building a social network in it so users can share their investment knowledge.
Anfin was launched in October last year and has raised around $7 million to date.
Its app allows users to invest as little as VND10,000.
Its CEO, Phuoc Tran, said the app has over 100,000 active accounts with a total transaction value of $10 million.
Benoit said creating a product that serves many groups of people in society is the right move in a big market such as Asia.
He hoped the company would branch out to other countries and succeed in its social investing business model.
Interest in stocks remains sky-high in Vietnam, with 476,300 new accounts opened in May, a new record.
Phuoc said despite the volatility in the market, stocks remain an asset class with great prospects.
Data from investment fund Dragon Capital Vietnam shows that in the last five years, stocks have given investors an average return of 16 percent a year, higher than real estate, bonds or gold.
Questions & Answers
Q.What will Anfin use the recently raised funding for?
What will Anfin use the recently raised funding for?
The $4.8 million funding will be used to enhance Anfin's app. This involves building a social network feature within the app, allowing users to share their investment knowledge with each other.
Q.How many active accounts does Anfin's app currently have?
How many active accounts does Anfin's app currently have?
The Anfin app currently has over 100,000 active accounts. These accounts have collectively generated a total transaction value of $10 million since the app's launch last October.
Q.What is the average annual return on stocks in Vietnam over the past five years?
What is the average annual return on stocks in Vietnam over the past five years?
Data from Dragon Capital Vietnam indicates that stocks have yielded an average annual return of 16 percent over the last five years. This performance is noted as being higher than that of real estate, bonds, or gold.
Q.Who led Anfin's Pre-Series A funding round?
Who led Anfin's Pre-Series A funding round?
The Pre-Series A funding round was led by angel investor Clement Benoit and U.S.-based startup accelerator Y Combinator. This consortium of investors contributed to the $4.8 million raised.
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