Bangkok-based digital wealth management platform Finnomena has collected USD 10 million in a Series B funding round co-led by Openspace Ventures and Gobi Partners, the firm announced on Thursday.
Premier Advisory Group, a trust manager of SMEs Private Equity Trust 3, Krungsri Finnovate (member of Mitsubishi UFJ Financial Group), BCH Ventures, and 500 TukTuks, also participated in the funding round.
The new capital brings the company’s total funding to date up to USD 13.5 million.
Finnomena will utilize the fresh cash to boost its expansion in Thailand and into new markets in Southeast Asia. In addition, it will strengthen its tech platform and will recruit new team members. Also, the firm will develop new services like tax-deductible mutual funds, global managed account ETFs, and P2P lending marketplace.
The company announced a target to hit at least 100 million monthly views on its site and increase its assets under management to USD 3 billion by 2023.
Founded in 2016 by entrepreneurs and veteran fund managers Jessada Sookdhis and Kasin Suthammanas, Finnomena is a crowdsourcing robo-adviser investment service offering investment options like funds and stock, financial advice, analysis tools, as well as investment-related informative content. The company currently has over 120,000 subscribers with more than USD 270 million in assets under management (AUM), the statement said.