Thailand’s Finnomena bags $10m in round led by Gobi, Openspace

Finnomena, a Thailand-based digital wealth management platform, announced that it has raised US$10 million in a series B funding round led by Openspace Ventures and Gobi Partners, bringing its total funding to US$13.5 million.

The round also saw participation from angel investors, 500 TukTuks, BCH Ventures, Premier Advisory Group, and Krungsri Finnovate, a member of Mitsubishi UFJ Financial Group.

Photo credit: Finnomena

The startup will use the new funds to expand its business both in Thailand and in other select Southeast Asian markets, according to a statement.

Founded in 2016, Finnomena offers investment products, financial advice, analysis tools, and investment content to its users. It claims to have more than 120,000 subscribers with over US$270 million in assets under management (AUM).

“Finnomena solves one of Thailand’s most pressing issues by helping to address the large inequality gap between the rich and the poor and by enabling the emerging middle class to make investments,” said Shannon Kalayanamitr, venture partner at Gobi Partners.

Following the series B round, the Finnomena co-founders believe that the company is now ready to increase its talent pool, strengthen its tech stack, and expand its knowledge hub as well as its product suite to include tax-deductible mutual funds, global ETF managed accounts, and a peer-to-peer lending marketplace, according to the statement.

The startup targets to have at least 100 million views per month for its knowledge hub and an AUM of US$3 billion by 2023.

Previously, Finnomena secured US$3.2 million in a series A funding round from Krungsri Finnovate, Benchachinda, and 500 TukTuks in 2017.