Insignia, TVS, Headline, TNBAura, and IVC also participated in the funding round, according to an announcement.
The fresh funding will go toward strategic business expansion, personnel acquisition, and technological development.
In addition to the fundraising, Finhay has strengthened its market-leading position by acquiring a securities brokerage, making it Vietnam’s sole regulated digital investment platform.
Juy Nghiem, CEO & Founder of Finhay, said they are thrilled to welcome Openspace, VIG, and other investors, and look forward to how their funding and understanding of Southeast Asian fintech helps accelerate Finhay’s growth.
“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”, said Jessica Huang Pouleur, Partner at Openspace.
Viet Nguyen, VI Group Director, said they are excited to invest in a “digital native investment platform that has acquired a traditional brokerage”.
In order to give Vietnamese consumers simple and convenient digital access to financial services, Finhay was established in 2017. In a country with a population of about 98 million people as of 2021, there were only 4 million trading accounts for securities.
With more than 2.7 million registered users, Finhay has been able to draw clients eager to take advantage of this opportunity. Due to the young and aspirational demographic that is currently wanting to invest, the market has a lot of potentials. As a result, it is Vietnam’s best digital investing platform.
In 2021, it alone experienced a 150 percent rise in customers thanks to the launch of four new products: cash-wrapped accounts with CIMB, gold trading, a 12-month saving program, and stock trading.
With its brokerage purchase, Finhay is well-positioned to take advantage of the anticipated growth in the Vietnamese securities market. Finhay has dramatically changed Vietnamese perceptions and methods of financial investing. The organization has been able to increase the scope of its wealth-creating offerings thanks to this ground-breaking step.
More than 50 of Vietnam’s most famous financial institutions, including domestic and foreign banks, investment funds, and fintech companies, have joined Finhay, which has already doubled its staff size in the previous year.