Vietnam-focused retail investing app Infina today announced it has received US$6 million in seed funding from Sequoia Surge and Y Combinator.
Saison Capital, Starling Ventures, Alpha JWC, and AppWorks also co-invested, alongside other unnamed investors and the backers of Robinhood and Coinbase.
The round comes eight months after the startup raised US$2 million in an oversubscribed seed round.
The funds will be channelled towards scaling the team, improving the user experience, and serving the new investors better.
Infina was part of Surge’s sixth cohort.
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Founded in 2021 by Silicon Valley engineer-turned-entrepreneur and investor James Vuong, Infina joins companies like Indonesia’s Ajaib, India’s Groww, and China’s Tiger to capture the burgeoning retail investing landscape in the region.
The app caters to young and first-time investors, aiming to democratise investing for everyone regardless of income group.
Infina enables users to choose from various asset classes, from fixed-income products to mutual funds and stock trading. Expensive investment products are fractionalised, allowing the users to invest in a diverse portfolio of assets with low minimum amounts. Infina claims to have achieved a growth rate of 64 per cent in funded accounts in 2021.
The firm is now expanding to allow users to invest with Infina via apps such as Tiki.
Vietnam now has over 4.3 million retail stock accounts, making up 4.4 per cent of the country’s population. More than 1.53 million new stock trading accounts were added in 2021, 1.5 times higher than the total of the previous four years. In addition, Vietnamese participating in the crypto and non-fungible token (NFT) market also reached a record high at an estimated 6 million people.
In Vietnam, Infina’s rivals include Anfin and Finhay. Last year, Ajaib, the ‘Robinhood of Indonesia’, and Mynt, a Philippines-based fintech startup providing solutions in mobile money, lending, and investing, became the region’s new unicorns.
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Image Credit: Infina
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