Finhay, Vietnam’s leading digital investment platform has secured a US$25 million Series B round co-led by Openspace Ventures and VIG. The round also counts Insignia, TVS, Headline,TNBAura and IVC amongst those who participated. Alongside this fundraising, Finhay has bolstered its market-leading position with the acquisition of a securities brokerage, making it the only licensed digital investment platform in Vietnam. The new capital will be used to invest in strategic business expansion, talent acquisition and technology development.
“Finhay is already emerging as the clear frontrunner in Vietnam’s booming investment space. We believe a massive opportunity exists in Vietnam, which has an enterprising population hungry for the chance to invest smartly. Finhay’s recent developments have paved the way for continued growth as a broader wealth creation platform. We are thrilled to partner with Huy and the relentless Finhay team in their mission”, said Jessica Huang Pouleur, Partner at Openspace.
“We are thrilled to welcome Openspace, VIG and other investors, and look forward to how their funding and understanding of Southeast Asian fintechs helps accelerate Finhay’s growth”, added Huy Nghiem, CEO & Founder of Finhay.
Empowering investors and shaping the future of investing in Vietnam
Finhay was founded in 2017 with the purpose of providing Vietnamese consumers with easy and convenient digital access to financial services. As of 2021, only 4 million securities-trading accounts had been opened amongst a population of around 98 million.
With a youthful and ambitious population now looking to invest, the market holds significant promise and Finhay has been able to capture users seeking to capitalize on this opportunity – amassing more than 2.7 million registered users. This makes it Vietnam’s leading digital investment platform*. In 2021 alone, it gained 150% more users, buoyed by the release of 4 new products: cash-wrapped accounts with CIMB, gold trading, a 12-month saving product and stock trading.
“A large number of people are now looking for ways to start investing - often for the first time, and we are exploring different ways to enable them. It’s such an important inflection point” continued Nghiem.
Expanding the platform through brokerage acquisition
Finhay has significantly altered Vietnamese perceptions and approaches towards financial investing, and its brokerage acquisition positions it to capture the forecasted growth in the Vietnamese securities market. This first-of-its-kind move has enabled the company to broaden its range of wealth creating services.
“A decade ago, we invested successfully in a traditional brokerage that expanded online and today, we are excited to invest in a digital native investment platform that has acquired a traditional brokerage. We have worked closely with Finhay’s local investors in a number of deals and look forward to collaborating with its international investors and management to accelerate its industry leadership,” said Viet Nguyen, VI Group Director.
Finhay has already doubled its team size in the past year, with 50 new employees joining the business, and has also partnered with more than 50 of Vietnam’s most prestigious financial institutions, including domestic and international banks, investment funds and fintech businesses.
*Based on brand research conducted by INTAGE VIETNAM LLC CO., LTD, effective from January 1, 2022 - December 31, 2022.