VN fintech startup secures $25m in Openspace, VIG-led round

Finhay, a Vietnam-based fintech startup, has raised US$25 million in a series B round co-led by Openspace Ventures and Vietnam Investments Group. Singapore VC firm Insignia Ventures also participated in the round.

Finhay founder and CEO Huy Nghiem / Photo credit: Finhay

Along with the fundraising, Finhay also announced it has acquired local securities brokerage firm VinaSecurities, making the former the only licensed digital investment platform in Vietnam.

The startup said its new funds will go toward business expansion, talent acquisition, and technology development.

Founded in 2017 by Huy Nghiem, Finhay started out as an online investment platform for young people in Vietnam. It allows users to make micro investments in financial products starting from 50,000 Vietnamese Dong (US$2.15). The platform currently has more than 2.7 million registered users.

In the past year, the company said it has launched four new products and doubled its team size, as well as expanded partnerships with domestic and international financial institutions.

Securities investment remains a largely untapped segment for fintech companies in Vietnam. As of 2022, only 5% of the country’s 98 million population own securities accounts. The Vietnamese government’s goal is to increase that proportion to 10% by 2030.

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“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,” said Nghiem, who was part of Forbes Asia’s 30 under 30 list in 2020.

Other investors in this round include:

• TVS
• Headline
• TNBAura
• IVC

Currency converted from Vietnamese Dong to US dollar: US$1 = 23,237 Vietnamese Dong