Fintech firm raises 1 million USD in funding from Singapore investor
Vietnamese fintech firm Finhay had successfully raised nearly 1 million USD from Singapore-based Insigna Venture Partners and other investors, the company has announced
The Finhay platform allows customers to start investing with as little as 50,000 VND, or slightly more than 2 USD, in mutual funds in Vietnam. (Photo: finhay.com.vn)
Hanoi (VNA) - Vietnamesefintech firm Finhay had successfully raised nearly 1 million USD fromSingapore-based Insigna Venture Partners and other investors, the companyhas announced.
With new capital of nearly 1 million USD, Finhaywill focus on user growth this year as well as looking for talent to jointhe team, Finhay’s founder and CEO Nghiem Xuan Huy said.
Established in 2017, Finhay is amicro-investment platform targeted at millennials.
The platform allows customers to start investingwith as little as 50,000 VND, or slightly more than 2 USD, in mutual funds inVietnam. Once registered, new users complete a short survey which asks abouttheir age, career and investment goals so that Finhay can provide a suggestedinvestment portfolio and related risk assessment.
The platform has more than 13,000 users withtotal investment of over 7 billion VND (299,000 USD). The company has alsopartnered with 18 mutual fund companies and banks to facilitate transactions.
In 2017, Finhay also received capital and advicefrom angel investors VNDirect Securities Joint Stock Company. Soon after,Australia’s H2 Ventures investment fund also poured capital into the company.After two rounds of capital calls, the two investors poured more than 100,000USD into Finhay.
Insignia Ventures Partners is one of SoutheastAsia’s largest venture capital funds, targeting the most influential start-upsin the region.
In Vietnam, Insignia Ventures Partners hasfunded many start-ups - including Logivan. Recently, Insignia Ventures Partnerssigned an investment deal with Topica Founder Institute (TFI), in which theformer would invest at least 50,000 USD in each graduated start-up fromTFI.
In the seed round investment of Finhay, besidesthe main investor Insignia Venture Partners, investment funds from Hong Kongand the US also participated.-VNA
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The Finhay platform allows customers to start investing with as little as 50,000 VND, or slightly more than 2 USD, in mutual funds in Vietnam. (Photo: finhay.com.vn) 
