- Finhay, Vietnam’s leading digital investment platform, acquires securities brokerage
- The brokerage acquisition is part of Finhay’s strategy to become the most comprehensive digital investment platform – with products that include stock trading, gold trading and a 12-month saving feature
- Finhay was founded in 2017 and with over 2.7 million registered users, it is considered a prime example of Vietnam’s emergent startup ecosystem
- New funding will be used to expand wealth creation services, attract talent and develop cutting-edge technological capabilities
HANOI, 22 June, 2022 – Finhay, Vietnam’s leading digital investment platform has secured a US$25 million Series B round co-led by Openspace Ventures and VIG. The round also counts Insignia, TVS, Headline,TNBAura and IVC amongst those who participated. Alongisde this fundraising, Finhay has bolstered its market-leading position with the acquisition of a securities brokerage, making it the only licensed digital investment platform in Vietnam. The new capital will be used to invest in strategic business expansion, talent acquisition and technology development.
“Finhay is already emerging as the clear frontrunner in Vietnam’s booming investment space. 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. We are thrilled to partner with Huy and the relentless Finhay team in their mission”, said Jessica Huang Pouleur, Partner at Openspace.
“We are thrilled to welcome Openspace, VIG and other investors, and look forward to how their funding and understanding of Southeast Asian fintechs helps accelerate Finhay’s growth” – Huy Nghiem, CEO & Founder of Finhay.
Empowering investors and shaping the future of investing in Vietnam
Finhay was founded in 2017 with the purpose of providing Vietnamese consumers with easy and convenient digital access to financial services. As of 2021, only 4 million securities-trading accounts had been opened amongst a population of around 98 million.
With a youthful and ambitious population now looking to invest, the market holds significant promise and Finhay has been able to capture users seeking to capitalize on this opportunity – amassing more than 2.7 million registered users. This makes it Vietnam’s leading digital investment platform*. In 2021 alone, it gained 150% more users, buoyed by the release of 4 new products: cash-wrapped accounts with CIMB, gold trading, a 12-month saving product and stock trading.
“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.” – Huy Nghiem
Expanding the platform through brokerage acquisition
Finhay has significantly altered Vietnamese perceptions and approaches towards financial investing, and its brokerage acquisition positions it to capture the forecasted growth in the Vietnamese securities market. This first-of-its-kind move has enabled the company to broaden its range of wealth-creating services.
“A decade ago, we invested successfully in a traditional brokerage that expanded online and today, we are excited to invest in a digital native investment platform that has acquired a traditional brokerage. We have worked closely with Finhay’s local investors in a number of deals and look forward to collaborating with its international investors and management to accelerate its industry leadership,” said Viet Nguyen, VI Group Director.
Finhay has already doubled its team size in the past year, with 50 new employees joining the business, and has also partnered with more than 50 of Vietnam’s most prestigious financial institutions, including domestic and international banks, investment funds and fintech businesses.
*Based on brand research conducted by INTAGE VIETNAM LLC CO., LTD, effective from January 1, 2022 – December 31, 2022.
Phuong Nguyen (Ricky) – Marketing Executive
Founded in 2017, Finhay Group is a licensed brokerage company and currently the leading online investment platform in Vietnam with more than 2.7 million users. Starting with fund certificates as its sole product in 2017, Finhay has now broadened its scope and aimed to be a holistic financial platform for its users. Finhay is committed to making finance and investment simple and easily accessible through the application of technology. Finhay was awarded Runner up at Fintech Summit 2019 by Vietnam Silicon Valley Accelerator, World Top 100 Fintech in 2019. Mr. Huy Nghiem, CEO & Founder of Finhay, was also listed as one of Asia’s Forbes 30 under 30 in 2020.