Finhay closes series B round, raises $25m

Singapore-based Openspace Ventures, which was an early investor in Indonesia’s GoTo Group and of 30 Under 30 Asia honoree Rexy Josh Dorado’s Manila-based social media site Kumu, and private equity firm Vietnam Investments Group have led a $25 million Series B round of funding for Vietnamese fintech startup Finhay.

Insignia Ventures Partners, TVS, Headline, TNB Aura, and IVC, all based in Singapore, were also investors in the round, according to a statement from Finhay. A pre-Series A funding round for Bluesheets, a financial data firm in Singapore, was led by Insignia earlier this month. Insignia’s prior investments include GoTo and Singapore-based used-car unicorn Carro.

The money will go into hiring new employees, growing the business, and developing new technology. According to the startup, Finhay also acquired a securities brokerage, making it the first authorised digital investment platform in Vietnam.

Huy Nghiem, a Vietnamese-Australian who left his finance career in Australia, launched Finhay in 2017. In the nation of approximately 100 million people, the firm runs a micro-investment platform for Millennials and has more than 2.7 million registered members.