FINNOMENA And Krungsri Finnovate Become Thailand’s Number One Robo-Advisory Platform
FINNOMENA, a leading wealth management Fintech and the most valuable startup in dtac accelerate batch 4, has collaborated with Krungsri Finnovate, one of FINNOMENA’s VCs and a subsidiary of Bank of Ayudhya, to develop crowdsourcing robo-advisory platform. The developed platform employs big data to process recommendations from investment gurus and users of the FINNOMENA and translate them to investment advices for Krungsri Security’s customers and other interested parties.
This platform addresses the Thai Securities and Exchange Commission’s capital market development program for the open-source crowdsourcing platform as the Securities and Exchange Commission want to widely spread the investment knowledge to Thai people. FINNOMENA, Thailand’s number one investment advisory service, focusing on crowdsourcing robo-advisory approach, aims to have over 100,000 users with combined asset under its advice worth more than a billion baht. FINNOMENA also targets to seek the Series B funding within this year.
Jessada Sookdhis, CEO and Co-founder of FINNOMENA, said, “The global trend of robo-advisors is to form collaboration between Fintech startups and financial institutions. The financial institutions offer a huge customer base, while Fintech startups provide innovation of robo-advisors. By combining the strengths of both parties, the solution allows people an easy access to the quality investment advices. Presently, over 10 million Thais do not have the precise knowledge of investment and do not have an access to quality investment recommendations. The robo-advisory platform is developed to address this problem.”
In the previous year, the user base of FINNOMENA’s robo-advisory platform grew by over 60% to 70,000 users now. Most of the users are investors who are interested in information of stocks and equity funds, including investment advice from FINNOMENA. The investors have created over 20,000 investment plans via our platform and already invested in Fundsupermart platform around 6 billion baht.
“We believe that the number of FINNOMENA’s subscribers can grow up to seven digits in the next few years. By that time, FINNOMENA will greatly change Thai society by providing Thai people correct information about investment. They can give their children good education, have happy retirement without financial anxiety, and live happily in the aging society, which is going to happen in Thailand in the next ten years”, Jessada added.
Sam Tanskul, Managing Director of Krungsri Finnovate, said, “Based on the long-term strategic growth plan of FINNOMENA, Krungsri Finnovate has prepared to increase investment in Series B funding round this year for FINNOMENA’s business expansion in the next 1-3 years. FINNOMENA has shown its growth potential in the same level as the American leading robo-advisory platforms.Currently, FINNOMENA is still on the investor roadshow and has received warm welcome from domestic and international VCs. For our long-term plan, FINNOMENAwill be the first Thai Fintech startup to be listed in the Stock Exchange of Thailand.”
Sompoat Chansomboon, Managing Director of dtac accelerate, said, “The collaboration between FINNOMENA and Krungsri Finnovate to develop crowdsourcing robo-advisory platform indicates the possibility of having the first Thai unicorn from Fintech startup. Less than 18 months after joining dtac accelerate program, FINNOMENA has rapidly grown with transaction size over 6,000 million baht and plans to secure the Series B funding within this year. Every management member, including the founder, has vast experience in this business over 20 years. That makes me feel confident that FINNOMENA will be able to help millions of Thai people have access to financial and investment services easier, cheaper, faster, and better than ever.”