Finnomena, a fintech investment and wealth management platform, plans to expand its business into regional countries and increase assets under management (AUM) to US$3 billion (90 billion baht) by 2023 after raising capital through Series B funding worth $13.5 million in total.
Founded in 2016, Finnomena uses digital technology to help investors reach quality investment information, financial advice through digital channels and social media, analysis tools, investment content and investment products.
"New funds raised from Series B will be used to expand our business in Thailand and other selected Southeast Asian markets," said chief executive and co-founder Jessada Sookdhis.
The Series B funding is co-led by Openspace Ventures and Gobi Partners, with participation from Premier Advisory Group, a trust manager of SMEs Private Equity Trust 3 of Government Savings Bank (GSB), as well as Krungsri Finnovate, BCH Ventures, 500 TukTuks and other angel investors.
The two co-lead investors will bring their investment experience to support the company in terms of technology, business management and human resources, while Premier Advisory group will help provide GSB's co-investment products and wealth management advisory services.
Finnomena has about $270 million in AUM, with more than 120,000 subscribers, a significant increase since the Series A funding round ended in 2017.
In 2017, Finnomena secured $3.2 million in a Series A funding round from Krungsri Finnovate, Benchachinda and 500 TukTuks.
Mr Jessada said the company is also in talks with GSB's digital banking department to place a savings lottery on Finnomena's investment platform, allowing retail investors to take part in both the physical GSB savings lottery or its digital version.
Jomkwan Palitwanon, investment manager at Premier Capital Partners, said a synergised partner with Finnomena will help the company penetrate GSB's savings lottery products, which contribute about 50% of the bank's total deposits, both in the high-risk segment and for those using the savings lottery as an investment tool for retirement.
Shane Chesson, general partner of Openspace Ventures, said the investment in Finnomena is the company's first in Thailand and digital asset management, as well as its 27th investment across Southeast Asia.
"Thailand is a middle-income country known as competitive," Mr Chesson said. "There is an aspirational and fast-moving middle class. It's a great place to develop tech solutions, as well as wealth management and fintech solutions."