and two investors, Benchachinda
and 500 TukTuks
, jointly invest in FINNOMENA
, a leading Thai FinTech startup in wealth management, the Investment consideration totally of USD 3.2 million in its Series A round funding. Under the deal, Krungsri Finnovate will leverage FINNOMENA’s expertise in the robo-advisors technology for further development of investment and wealth management advisory services.
Mr. Thakorn Piyapan, Chairman of Krungsri Finnovate, subsidiary of Krungsri
said; “Krungsri Finnovate entered into an investment agreement to make our first Venture Capital investment in a Thai FinTech startup FINNOMENA with a total considerations of USD3.2 million or approximately 112 million baht. Krungsri took the lead in this round funding, joined by Benchachinda and 500 TukTuks.”
“Krungsri realizes the growth potential and strength of FINNOMENA which has also participated in our accelerator program, Krungsri RISE Batch 1. The startup 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 “KMA” (Krungsri Mobile Application), a user-friendly, convenient and all-in-one mobile banking service, that can better serve customers’ individual investment goals.”
Mr. Vichai Bencharongkul President, Benchachinda Holding Co.,Ltd. (BCH)
said, investing in FINNOMENA in this Series A financing round 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.
“This investment gives us a great opportunity to support FINNOMENA with our expertise as one of Thailand’s leading ICT service providers as well as our customer base to serve as FINNOMENA’s new clients”
Mr. Ruangroj “Krating” Poonpol, 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 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’s highly-capable experts make us believe that they would definitely reach the goal.”
Mr. Jessada Sookdhis, Chief Executive Officer and co-founder of FINNOMENA (www.finnomena.com)
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 provided by NTER by FINNOMENA (www.nter.io
), top some 2 billion baht, an increase from 300 million baht at the end of 2016. Today’s 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.”