Thai fintech startup Finnomena has just raised a US$3.2 million series A round led by Krungsri Finnovate, the US$30 million venture capital arm of Thailand’s Bank of Ayudhya, in an effort to educate the country with Thai-language content about finance.
Other backers also include venture capital firm 500 Tuks Tuk and telecommunications firm Benchachinda Holding which was established by the founding family of Dtac, the country’s third largest telco.
Commenting on the funding, Finnomena’s CEO and Co-founder Jessada Sookdhis said, “the shareholding of Krungsri Finnovate, a business unit under Mitsubishi UFJ Financial Group (MUFJ) will ensure investors that we are a full-fledged wealth management service provider.”
The startup offers investment advice through Nter, a robo-advisor which allows investors to create an investment plan and put money into mutual funds. It informs investors with the best possible mutual funds in each category from every asset management company in Thailand.
According to the deal, all investors will leverage Finnomena’s expertise in robo-advisors technology to further develop the firm’s investment and wealth management advisory services.
“Finnomena has highly-accelerated development and rapid customer growth,” said Thakorn Piyapan, the Chairman of Krungsri Finnovate. “Our company will leverage Finnomena’s strength by integrating their robo-advisors technology into our financial advisory services for wealth management business.”
“As such, we will be 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,” he added,
On the other hand, Finnomena also publishes Thai financial content and organize seminars all over the country, in an effort to raise awareness and educate locals about investment and financial planning.
The firm claims to have one million views a week across all its platform, while its Android app is ranked 151st in the finance category in Thailand.