Krungsri Finnovate and two investors, Benchachinda and 500 TukTuks, have jointly invested in Finnomena, a leading Thai fintech startup in wealth management. The investment consideration is $3.2 million and is series A round of funding. Under the deal, Krungsri Finnovate will leverage Finnomena’s expertise in roboadvisory technology for further development of investment and wealth management advisory services.
Thakorn Piyapan, chairman of Krungsri Finnovate, a subsidiary of Krungsri said, “Krungsri Finnovate entered into an investment agreement to make our first venture capital investment in Finnomena with a total considerations of $3.2 million or approximately 112 million baht.
Krungsri realizes the growth potential and strength of Finnomena. The startup has highly accelerated development and rapid customer growth. Krungsri will leverage the company’s strength in the roboadvisors technology by integrating the technology into our financial advisory services for wealth management business. As such, we are able to offer the user of “KMA” (Krungsri Mobile Application), a user friendly, convenient and all in one mobile banking service, that can better serve customers’ individual investment goals.”
Vichai Bencharongkul, president of Benchachinda Holding (BCH), one of Thailand’s leading ICT service providers said, investing in Finnomena presents a good opportunity for BCH to expand into the digital financial market as its technology based services perfectly match customers’ modern lifestyles, while paving the way for BCH’s future service provision through digital platforms.
Ruangroj “Krating” Poonpol, a venture partner of 500 TukTuks said, “It is 500 TukTuks’s policy to invest in startups that offer excellent services for Thailand and its people. Among them is Finnomena which offers the unique hybrid roboadvisors technology using data science based on a huge amount of data as a tool to help advise Thai investors in selecting mutual funds fit for themselves, including savings for the first million baht goal, wealth accumulation, and retirement income. As an investor, we believe the hybrid roboadvisors technology is a perfect model for the Thai market and the rest of ASEAN where the fintech industry is fast growing. Finnomena’s highly capable experts make us believe that they would definitely reach the goal.”
Jessada Sookdhis, chief executive officer and cofounder of Finnomena said, “Our fund raising through the series A financing round makes us a full fledged wealth management service provider, including securities and investment management services. The shareholding of Krungsri Finnovate, a business unit under Mitsubishi UFJ Financial Group (MUFG), will ensure investors using Finnomena’s platforms credibility and confidence.”
Finnomena’s diverse platforms are earning approximately 1 million views per week. Our assets under advisement (AUA), of which advice is provided by NTER by Finnomena, top some 2 billion baht, an increase from 300 million baht at the end of 2016. This move, we believe, will help strengthen the company towards our goal of raising investment awareness among Thai investors, with quality investment advisory services, so that they could eventually achieve financial independence and happy retirement.”