Vietnam’s stock trading app Anfin nets US$510K from early investor of Facebook, LinkedIn, Slack
Anfin, a Vietnam-based stock trading app for retail investors, has raised US$510,000 from Global Founders Capital (GFC), First Check Ventures, and R2 Venture Partners.
GFC is a Germany-headquartered billion-dollar fund and an early investor of notable tech companies, such as Facebook, Rocket Internet, and Archer Aviation, LinkedIn, Lazada, and Slack.
“GFC is always looking for outstanding founders globally to provide them with capital. Our current focus is in Vietnam and Southeast Asia that is home to a large pool of talent,” said Jay Lim, VC management partner at Global Founders Capital. “I believe that they [Anfin] are active as a key player in improving financial literacy in Vietnam.”
Anfin CPO Michael Do told e27 its plans to develop the product to a full trading app for beginners. The startup will also use the funds to build and strengthen features, such as education, fractional shares and company storytelling.
Founded in June 2021 by CEO Phuoc Tran and CPO Michael Do, Anfin is a stock investment app that enables users to buy and sell stocks with small capital starting at only VND50,000 (around US$2).
The app also allows the trading of fractional shares, which is counted as one of Anfin’s unique selling points.
“On normal brokers, you can only buy a round lot of 100 shares, which are worth US$400-US$600 when buying blue-chip stocks of companies like Vingroup, Masan, Mobile World,” said Do. “Now you can buy and sell those stocks for only US$2 on Anfin app. Plus we offer considerably better UI/UX for new users.”
He added that Anfin aims to simplify the financial investment process through a user friendly, transparent and highly secured platform, generating both passive and active income for young Vietnamese.
“Other investment apps are doing on the passive investing side, getting users invested in mutual funds, ETFs, and fixed income. However, our focus is on active investing where users have free will to buy and sell their own portfolio of individual stocks,” noted Do.
The startup also supports users’ decision-making by providing investment knowledge, from basic to advanced, and updating financial news in an easy-to-understand style.
“The complicated process, risk aversion and large initial capital are common barriers that hinder Vietnamese people from investing in securities,” said Anfin CEO Phuoc Tran. “We strive to inspire and support Vietnamese people, especially the young, to help them confidently start investing to achieve their financial goals.”
In H1 2021, the total number of new domestic investor accounts opened in Vietnam increased by 58 per cent compared to the whole of 2020. Around three per cent of Vietnam’s 100 million population has a stock brokerage account, according to investment firm VinaCapital.
The year 2021 has witnessed a massive growth of people joining the stock market, while the traditional investment options like real estate and gold have become less excited, reports VinaCapital.
Vietnam’s government aims to increase the country’s stock brokerage penetration rate to 5 per cent by 2025 and 10 per cent by 2030.
In Southeast Asia, investment platforms are ripe for an explosion, with Aijab becoming the latest unicorn in this sector. In Vietnam, Finhay and Infina are the two notable startups that recently secured funding.
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Also read: Anfin
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,Vietnam’s stock trading app Anfin nets US$510K from early investor of Facebook, LinkedIn, Slack | e27
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