The nearly-$5-million funding round
Financial startup Anfin, which seeks to make stock investment easier for any user, raised $4.8 million in a Pre-Series A round from a consortium of investors. This funding round was led by angel investor Clement Benoit and U.S.-based startup accelerator Y Combinator. This round also featured Rebel VC, Kharis Capital, Newman Capital, First Chek Ventures, Micro Ventures, Springcamp, AngelHub. Clement Benoit said creating a product that serves many groups of people in society is the right move in a big market such as Asia. He hoped the company would branch out to other countries and succeed in its social investing business model.
Phuoc Tran, CEO of Anfin, said despite the volatility in the market, stocks remain an asset class with great prospects. This capital will be used by Anfin to improve its app by building a social network in it so users can share their investment knowledge. This network allows users to directly share investment knowledge and market news. This startup will develop products and increase user experience. This app will also assist investors with financial planning and specific investment strategies.
Anfin was established in June 2021 and launched in October 2021, and has raised around $7 million to date. This fintech startup builds a fast, convenient trading experience platform for individual stock investment users. This platform helps users buy and sell stocks listed on Vietnamese stock exchanges. The feature that allows trading of fractional shares helps Anfin users to start investing as little as 10,000 VND.
CEO of Anfin said: “In just one year, we have had over a million downloads and is entering the next phase of growth. It continues to help investors with limited capital to access a wide range of financial products such as stocks, bonds, and investments. Anfin will expand and strengthen product development, support investors to invest effectively, in accordance with the needs and capital of users.” Currently, this app records more than 100,000 active accounts’ transaction, the amount of user deposits reached $5 million, the total transaction value since its establishment is about $10 million.
Sources of information include DealstreetAsia, e27, TechCrunch, and TechinAsia.