According to Tech in Asia report, Finhay, a Vietnamese fintech start-up, has raised a seven-digit figure from Jeffrey Cruttenden, co-founder of the US-based savings app known as Acorns. Along with a local company, Thien Viet Securities, plus other investors, also contributed toward this amount.
Finhay came into existence in 2017, and since then, it has successfully operated as a management platform that helped multiple users to carry micro-investment functions of mutual funds in the country, starting from an initial amount of just USD 2.11. Last year, Australian H2 Ventures and local-based Insignia Ventures Partners helped Finhay raise a total sum of about USD 1.1 million. It thus makes Finhay one of the most well-funded fintech start-ups in Vietnam.
Finhay’s founder and CEO, Nghiem Xuan Huy, says, “In the wealth management sector in Vietnam, we are just tapping the surface of its potential.” He further added, “With the financial support, experience, and expertise of our new investors, we can capture this potential and accelerate our growth.”
Expanding its platform by optimizing IT infrastructure, helping in market growth, and recruiting more employees are the various fields where Finhay plans to utilize its funding.
Cruttenden is of the view that modern and tech-enabled solutions brought by Finhay have changed the way Vietnamese millennials access their wealth management resources. He also added, “With a growing need for fintech in Vietnam, Finhay’s competitive advantage is its commitment to financial literacy and emphasis on education for younger generations.”
Acorns did well in the US. It had over 4.5 million users as of 2019, with more than USD 1.2 billion in funds under administration. Moreover, the US savings app received a surprisingly high amount Series E funding worth USD 105 last year.
According to Tech in Asia, investment offers in Vietnam are still predominantly focused on common stocks and real estate wealth, rather than diverse assets that cater to the millennials.
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