07/06/2023 (Thailand) - Thai online wealth management platform Finnomena has successfully raised $5.5 million in a Series B+ fundraising round. The round was led by Singapore-based venture capital firm Openspace Ventures, which invested through its entity OSV Multiply Holdings.
The Series B+ round also saw participation from other existing investors, including pan-Asian venture capital firm Gobi Partners and local corporate venture capitalist Krungsri Finnovate. The latter made its contribution through its 2017-vintage Meranti ASEAN Growth Fund L.P., and Finnoventure Private Equity Trust.
Sam Tanskul, Managing Director of Krungsri Finnovate, the corporate venture arm of Bank of Ayudhya, spoke highly of Finnomena's consistent growth. "Over the past five years that we have invested in Finnomena, the company’s investor base has continuously grown to reach 100,000. This accounts for more than 5% of the total number of mutual fund investors in Thailand," Tanskul said.
This latest fundraising comes over three years after Finnomena secured its Series B round, raising $10 million in 2020. Demonstrating impressive financial growth, the startup reported a profit of 29.6 million baht in 2021, representing a 497.77% increase from 4.96 million baht in 2020.
Founded in 2016, Finnomena has made a name for itself in the financial services sector by offering a diverse range of investment and portfolio management services. These include financial advisory, analysis tools, and investment content and products, all of which are accessible through its app and website. The platform has been well-received, with data showing 3.4 million site visits per month.
The recent funding is expected to help Finnomena continue its growth trajectory and expand its services, further solidifying its position in Thailand's burgeoning fintech sector.