Vietnam fintech startup raises $1 million from foreign venture capitalists
Vietnamese fintech firm Finhay has raised $1 million in seed funding from Singapore’s Insignia Ventures Partners and other foreign investors. “Finhay will use the $1 million investment to expand its user base 10-fold to 100,000,” said founder and director of Finhay Nghiem Xuan Huy. Finhay was established in 2017 with capital of $100,000 as a micro-investment platform targeted at millennials. It allows customers to invest as little as VND50,000 ($2.17) in mutual funds from Finhay’s investment portfolio.
Huy said the business model is very popular abroad, citing examples such as U.S. micro-investing apps Acorns and Stash.
The application automatically analyzes the user’s risk appetite and suggests appropriate investment options and provides information to help improve users’ personal financial management.
It has over 13,000 users and over VND7 billion ($303,590) worth of pooled capital.
Insignia Ventures Partners, a venture fund which has already invested in popular transport apps Go-Jek and Traveloka of Indonesia, hopes “…[Finhay] will gradually layer on more products and services to become the Amazon of financial services in Vietnam.”
Finhay also received seed capital from funds in Hong Kong and the U.S.