Fintech firm raises 1 million USD in funding from Singapore investor

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)

With new capital of nearly 1 million USD, Finhay will focus on user growth this year as well as looking for talent to join the team, Finhay’s founder and CEO Nghiem Xuan Huy said.

Established in 2017, Finhay is a micro-investment platform targeted at millennials.

The platform allows customers to start investing with as little as 50,000 VND, or slightly more than 2 USD, in mutual funds in Vietnam. Once registered, new users complete a short survey which asks about their age, career and investment goals so that Finhay can provide a suggested investment portfolio and related risk assessment.

The platform has more than 13,000 users with total investment of over 7 billion VND (299,000 USD). The company has also partnered with 18 mutual fund companies and banks to facilitate transactions.

In 2017, Finhay also received capital and advice from 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 100,000 USD into Finhay.

Insignia Ventures Partners is one of Southeast Asia’s largest venture capital funds, targeting the most influential start-ups in the region.

In Vietnam, Insignia Ventures Partners has funded many start-ups - including Logivan. Recently, Insignia Ventures Partners signed an investment deal with Topica Founder Institute (TFI), in which the former would invest at least 50,000 USD in each graduated start-up from TFI.

In the seed round investment of Finhay, besides the main investor Insignia Venture Partners, investment funds from Hong Kong and the US also participated.