Vietnamese investment app Infina lands $2M seed round

The pandemic has spurred interest in saving and investment apps around the world, especially ones geared toward newer investors. In Southeast Asia, startups in this space that have raised funding over the past few months include Ajaib, Bibit and Stashaway—and that’s just a (very) partial list. Now Infina, which calls itself the “Robinhood of Vietnam,” is announcing an oversubscribed $2 million seed round.

The seed funding, which was made in two closes, included participation from Saison Capital, Venturra Discovery, 1982 Ventures, 500 Startups, Nextrans, and angel investors like executives at Google and Netflix.

Infina launched its app in January 2021. Most of its users are between the ages of 25 to 40 and looking for alternatives to investing in long-term asset classes like real estate. The app requires a minimum contribution of about $25 USD and lets investors pick from assets including savings accounts, term deposits, fractionalized real estate and mutual funds, which founder and chief executive officer James Vuong told TechCrunch is currently the most popular asset class among Infina’s users. Infina works with financial partners like Dragon Capital, ACB Capital, Mirae Asset Fund Management and Viet Capital Asset Management.

The company notes that only about 3.2% of people in Vietnam have invested in stocks. But according to the Vietnams Securities Depository, about 500,000 trading accounts were opened during the first five months of 2021, a 20% (Read more...)