Thailand-based FINNOMENA, a fintech startup operating in the wealth management space, has raised US$3.2 million in Series A funding led by Krungsri Finnovate, a subsidiary of Krungsri (Bank of Ayudhya). Telecom group Benchachinda Holding and 500 TukTuks also joined the round.
Jessada Sookdhis, CEO and Co-founder 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.”
As per the deal, Krungsri Finnovate will leverage FINNOMENA’s expertise in the robo-advisors technology for further development of investment and wealth management advisory services.
FINNOMENA was a member of Krungsri’s accelerator programme, Krungsri RISE Batch 1. It was also part of dtac Accelerator, batch 4.
Thakorn Piyapan, Chairman of Krungsri Finnovate, said: “The startup (FINNOMENA) has highly-accelerated development and rapid customer growth. Krungsri will leverage the company’s strength in the robo-advisors technology by integrating the technology into our financial advisory services for wealth management business. As such, we are able to offer the user of Krungsri Mobile Application, a user-friendly, convenient and all-in-one mobile banking service, that can better serve customers’ individual investment goals.”
According to Vichai Bencharongkul, President, Benchachinda, investing in FINNOMENA presents a good opportunity for it to expand into the digital financial market as its technology-based services perfectly match customers’ modern lifestyles, while paving the way for the telecom firm’s future service provision through digital platforms.
Krating Poonpol, Venture Partner of 500 TukTuks, said: “FINNOMENA offers a unique hybrid robo-advisors 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, retirement income, etc. As an investor, we believe the hybrid robo-advisors technology is a perfect model for the Thai market and the rest of ASEAN where the fintech industry is fast growing.”
FINNOMENA aims to raise awareness and educate about investment and financial planning for Thai people. It does this through publishing various kinds of financial articles, video streaming, and organizing seminars all over the country. Its objective is to unlock the investment potential in every Thai people.
The firm claims it receives more than one million audiences from different social medias weekly. It also gives investment advice through its robo-advisor NTER. NTER seeks to inform investors with the best possible mutual funds in each category from every asset management company in Thailand without biases. The product also allows investors to customise investment plans to ensure that each plan is best suited with its clients’ individual purpose.