Openspace makes first Thailand investment

Premier Advisory Group, a Thai private equity investor, and a number of angel investors also contributed. They were joined by key participants from the $3.2 million Series A in 2017, including Krungsri Finnovate, the VC arm of Bank Ayudhya, BCH Ventures, a unit of telecoms conglomerate Benchachinda Holdings, and 500 Startups.

“With a strong technology stack, sleek and user-friendly interface, and a highly experienced management team, Finnomena is one of the strongest start-ups in the country, and we look forward to taking them to their next stage of growth,” Shane Chesson, a general partner and founder of Openspace, said in a statement.

Finnomena offers wealth management products, financial advice, analysis tools, and investment information to more than 120,00 subscribers, and claims more than $270 million in assets under management (AUM). The aim is to provide robust, easily digestible financial support to the emerging Thai middle class.

The fresh capital will be used to expand locally and regionally. This will include adding to the product suite with tax-deductible mutual funds, global managed account exchange-traded funds, and a P2P lending marketplace. The company plans to have at least 100 million views per month on its platform and an AUM of $3 billion by 2023.

Thailand has emerged as an attractive fintech target for VC investors due to a combination of robust support for the sector by local banks and upside related to a large inequality gap between rich and poor. Openspace’s entry to the country follows the close of its second fund in 2018 at $135 million. Meanwhile, Gobi has strengthened its presence in the region with the appointment of a Southeast Asia COO and two partners for the firm’s ASEAN and Thailand funds.

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• Topics
• Southeast Asia
• Financials
• Early-stage
• Thailand
• Openspace Ventures
• Gobi Partners
• 500 Startups
• Financial Services