Vietnam-focused retail investing app, Infina has raised US$6 million in its seed funding round led by Sequoia Capital India’s Surge, Alpha JWC, Y Combinator, Saison Capital, Startling Ventures, and App Works.
According to the company, additional investors who earlier backed Coinbase, Robinhood, and similar offerings in other markets also participated in the funding round.
Launched in January 2021, Infina was part of Y Combinator’s Summer 2021 cohort.
According to James Vuong, founder and CEO Infina, the company will be using the funding to further develop its tech to keep up with the rising amount of new investors.
Like the other investment apps in Southeast Asia that have attracted venture capital over the last one year, Infina is focused on first-time Gen Z and millennial investors.
Since last year, more Vietnamese people have started participating in the stock market, driven in part by the increase in the market value of publicity traded companies. The startup has witnessed a compound monthly growth rate of 64 percent in funded accounts in 2021.
According to Infina, the country has a young population of 97 million that includes mostly millennials and Gen Z, most of them are seeing increased incomes and have an appetite for investing. The company also said, Vietnam has registered over 1.3 million new stock trading accounts in 2021, which was more than 3x the number for 2020.
Launched last year Infina helps make access to investment easier for first-time and young investors joining the likes of Groww in India, Ajaib in Indonesia, and Tiger in China. With Infina app investors have an option to invest in wide range of products such as stocks, mutual funds, and fixed-income instruments.
Infina aims to make it easier for people to start investing, with users needing only $22 for an account. The expensive products are fractionalized to provide more diversity with low minimum amounts. According to the company, fractionalised products include real estate
The startup has also added its offerings to third-party super-apps such as Tiki, an ecommerce app to reach a wider audience.