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Wealth management platform Finnomena bags US$10m in Series B round

Wealth management platform Finnomena bags US$10m in Series B round

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2 -min read
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DIGITAL wealth management platform Finnomena has bagged US$10 million in Series B funds in a round co-led by Openspace Ventures and Gobi Partners.

Other participants in the round include Thailand's Premier Advisory Group, Krungsri Bank's corporate venture-capital arm Krungsri Finnovate, Benchachinda Group's investment arm BCH Ventures, and 500 Startups' 500 TukTuks.

Angel investors with wealth management expertise also invested in the Series B round, which brought Finnomena's total funding to US$13.5 million.

Founded in 2016, Thailand-based Finnomena offers investment products, financial advice, analysis tools and investment content for its users. The platform has more than 120,000 subscribers with over US$270 million in assets under management (AUM).

The fresh funds will be used for expansion in Thailand and other South-east Asian markets. The company will also significantly increase its talent pool, strengthen its technology stack, and expand its knowledge hub and product suite to include tax-deductible mutual funds, global managed account exchange-traded funds, as well as a peer-to-peer lending marketplace.

Finnomena targets to have at least 100 million views per month for its knowledge hub and an AUM of US$3 billion by 2023.

"Finnomena solves one of Thailand's most pressing issues by helping to address the large inequality gap between the rich and the poor and by enabling the emerging middle class to make investments," said Shannon Kalayanamitr, venture partner at Gobi Partners.

"Its unique online-to-offline strategy of robust but easily digestible financial content and their offline events have disrupted the wealth management industry."

Shane Chesson, general partner at Openspace Ventures, said: "With a strong technology stack, sleek and user-friendly interface, and a highly experienced management team, Finnomena is one of the strongest startups in the country and we look forward to taking them to their next stage of growth."