Anfin, a Vietnam-based fintech company, is seeking to turn maximum people into stock investors by facilitating features such as fractional trading and in-app interaction between communities. Y Combinator, an American tech startup, has recently announced that it raised USD 4.8 million in a pre-Series A.
The raised money will be utilized by Anfin for product development, primarily its social investment features, including one that enables users to host and join live audio calls. The app’s stock trading platform also facilitates risk assessment and stock profiling.
The funding round was headed by angel investor Clement Benoit, the founding person of Y Combinator and Not So Dark. Other participants included in the round were Springcamp, Kharis Capital, Micro Ventures, First Check Ventures, Newman Capital, AngelHub, and Rebel VC.
In addition to company’s 300 stocks and 9 ETFs, it is further planning to offer more financial asset training.
Its fractional trading features allow users to start investing with as little as 40 U.S. cents, giving users access to stocks that they might otherwise not be able to afford.
Anfin’s investment app is aimed at generation Z and millennial users and approximately 90% of Anfin’s users are between the age of 18 to 35 years. The app also includes educational content related to stock market fundamentals.
One primary factor in Anfin’s rapid growth is the goal of the Vietnamese government to increase the number of people who invest in stocks from 3 percent in 2021 to 5 percent in 2025, and 10 percent by 2030.
Michael Do, founder of Anfin, said that the company’s social investment products enable users to communicate with each other. The product has a newsfeed ranking algorithm and the use of bull and bear feature that recognizes and features top traders on the app.
Anfin makes money through trading commissions. The app does not believe in PFOF (payment for order flow) or selling the data of its users. It rather interacts directly with brokers and orders for its users via regulated exchanges of Vietnam.