Infina, a retail investment platform focusing on Vietnam, said today that it has acquired US $6 million in venture funding from Sequoia Surge and Y Combinator.
Saison Capital, Starling Ventures, Alpha JWC, and AppWorks, as well as additional undisclosed investors and Robinhood and Coinbase supporters, also contributed. The funding comes eight months after the business secured $2 million in a seed round that was oversubscribed.
The money will go into growing the staff, enhancing the user experience, and better servicing new investors. Surge’s sixth batch included Infina.
Infina joins firms like Indonesia’s Ajaib, India’s Groww, and China’s Tiger in capturing the region’s developing retail investment market. It was founded in 2021 by Silicon Valley engineer-turned-entrepreneur and investor James Vuong.
The app is aimed at young and first-time investors, with the goal of democratizing investment for all income groups.
Users may pick from a variety of asset classes on Infina, including fixed-income products, mutual funds, and stock trading. Fractionalizing expensive investment items allow customers to invest in a wide array of assets with modest minimum quantities. Infina claims to have grown funded accounts at a pace of 64 percent in 2021.
The company is now allowing consumers to invest with Infina through applications like Tiki.
Over 4.3 million retail stock accounts exist in Vietnam, accounting for 4.4% of the country’s population. In 2021, more than 1.53 million new stock trading accounts were opened, which was 1.5 times greater than the preceding four years’ total. In addition, the number of Vietnamese who participate in the crypto and non-fungible token (NFT) markets has surpassed 6 million, a new high.
Anfin and Finhay are Infina’s competitors in Vietnam. Ajaib, the ‘Robinhood of Indonesia,’ and Mynt, a Philippines-based fintech business that offers mobile money, lending, and investment options, were named the region’s latest unicorns last year.
