Vietnamese fintech startup Infina has raised $2 million in seed funding from 5 international enterprise capitalists.
The traders are Japan’s Saison Capital, Indonesia’s Venturra Discovery, Singapore’s 1982 Ventures, the U.S.’s 500 Startups, and Korea’s Nextrans.
Some Google and Netflix executives are additionally participating on this spherical.
The startup has developed an funding app known as Infina that allows customers to make time period deposits, put money into certificates of deposit and alternate traded funds. Most customers are between the ages of 25 to 40 and on the lookout for options to investing in long-term asset courses like actual property.
The seed funding will likely be used to extend the variety of customers and diversify the funding portfolio, and rent specialists to investigate clients’ threat preferences.
It plans to develop into different nations in future, however in the meanwhile is targeted on the Vietnamese market.
The corporate mentioned that round 500,000 securities buying and selling accounts have been opened within the first 5 months of 2021, a 20 p.c year-on-year improve, in response to the Vietnam Securities Depository.
This together with Vietnam’s excessive Web penetration fee, which was at round 70 p.c as of January, and the truth that greater than three-fourths of Web customers have used on-line monetary providers earlier than, allow apps like Infina to realize traction.
Infina was launched in January 2021 by James Vuong, who was once an engineer within the U.S.’s Silicon Valley earlier than returning to Vietnam to function vp of funding at Vietnam’s first enterprise capital fund IDG Ventures.
Vuong mentioned many Web customers started utilizing digital providers, together with for investments, with the rate of interest cuts by the central financial institution to assist companies deal with Covid-19 prompting many traders to search for options with greater returns than financial institution deposits.