Openspace co-leads the Series B round for wealth-tech, Finnomena – the firm’s first Thai investment

Nichapat Ark
January 10, 2020

As reported byJustin Niessner in AVCJ (found here with login wall)

SoutheastAsia-focused Openspace Ventures has made its first investment in Thailand, co-leading a $10million Series B round for financial technology player Finnomena alongside China’s Gobi Ventures.Premier Advisory Group, a Thai private equity investor, and a number of angelinvestors also contributed. They were joined by key participants from the $3.2million Series A in 2017, including Krungsri Finnovate, the VC arm of BankAyudhya, BCH Ventures, a unit of telecoms conglomerate Benchachinda Holdings,and 500 Startups.

“With a strong technology stack, sleekand user-friendly interface, and a highly experienced management team,Finnomena is one of the strongest start-ups in the country, and we look forwardto taking them to their next stage of growth,” Shane Chesson, a general partner and founder of Openspace, said in astatement.

Finnomena offers wealth managementproducts, financial advice, analysis tools, and investment information to morethan 120,00 subscribers, and claims more than $270 million in assets undermanagement (AUM). The aim is to provide robust, easily digestible financialsupport to the emerging Thai middle class. The fresh capital will be used toexpand locally and regionally. This will include adding to the product suitewith tax-deductible mutual funds, global managed account exchange-traded funds,and a P2P lending marketplace. The company plans to have at least 100 millionviews per month on its platform and an AUM of $3 billion by 2023.