Vietnam-based Infina has closed a seven-digit seed round as it looks to make investing available to everyone in Vietnam.
The round was backed by 1982 Ventures, Saison Capital, Venturra Capital, 500 Startups, Nextrans and a number of unnamed angel investors.
Infina’s mission is to democratise investments for people in Vietnam. The capital injection will enable it to fuel its growth and expand its product offerings.
The FinTech company claims to be well positioned to meet a retail investing opportunity in Vietnam, having opened around 500,000 trading accounts during the first five months of 2021.
Infina claims just 3.2% of Vietnam’s population invests into stocks, despite 75% of internet users transacting money online.
Infina CEO and co-founder James Vuong said, “Infina is building the ‘Robinhood of Vietnam’, to make investment accessible, easy, and engaging for the country’s middle and lower classes.”
The company launched its services in January 2021 and provides consumers with the ability to invest through a mobile app.
Customers are primarily aged between 25 and 40 and are looking to save money for family planning, child education and early retirement.
1982 Ventures managing partner Herston Powers said, “Vietnam is the most promising market in Southeast Asia for the next wave of retail investing. Infina is at the forefront of the retail investing revolution in Vietnam and has quickly become the most trusted brand with millennial investors. Their commitment and experience building online communities is the key differentiator that makes Infina special.”
Copyright © 2021 FinTech Global