Feb 26, 2024Economy

Vietnam-Based 1Long Raises US$500K To Revolutionize Wealth Management Amid Market Turbulence

The new capital will be channeled into technology development, partnerships with asset managers and financial institutions, and strategic team expansion.
Cao Vy
Co-founder of 1Long | Source: 1long

Co-founder of 1Long | Source: 1long

Vietnam-based 1Long, an advanced financial technology platform focused on helping individuals achieve financial goals, today announces securing a US$500,000 investment in a pre-seed round. The funding, contributed by major investors including Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital, reflects the confidence key industry players have in 1Long’s innovative approach to wealth management.

The new capital will be channeled into technology development, partnerships with asset managers and financial institutions, and strategic team expansion. This move is particularly significant in the Vietnamese market, which has seen a rise in mobile trading apps and speculative trends. 1Long is positioned to provide a more stable and sustainable financial pathway.

"Our investment in 1Long goes beyond mere returns; it's a step towards redefining the future of wealth management," said Hsu Ken Ooi, Co-Founder and Managing Partner at Iterative, highlighting the company's potential to revolutionize the sector.

"We’re genuinely excited to see the innovative ways 1Long will redefine wealth management. Their approach not only aligns with the current market needs but also sets a new standard for how technology can empower individuals in their financial journeys.”

"It's worth noting, according to Motor Intelligence, that the fintech market in Vietnam, while moving at a measured pace, is expected to ultimately surpass US$72 billion by 2029 with a projected 13% compound annual growth rate (CAGR),” said Michael Do, Co-Founder and CEO at 1Long.

“This promising trend highlights the vast potential within the sector and aligns perfectly with our mission at 1Long, as we navigate the maturing landscape with optimism and a clear focus on innovation and the financial success of our users."

Paving the way to financial success

Founded by a team of former investment banking and Y Combinator-backed veterans, 1Long's platform aims to democratize wealth building, enabling individuals to start with as little as 10,000 VND (approximately less than US$1).

This initiative offers two principal savings products, 1Safe and 1Term, designed for flexible savings with annual returns of up to 6.6% and the possibility of earning rewards up to 9% for long-term deposits. The platform supports financial fluidity by allowing daily transfers and withdrawals without fees, thus removing barriers to accessing funds.

Breaking conventions, the fintech app is created for users seeking a relaxed, non-trading-centric approach to wealth management. Through strategic partnerships with recognized associations, including Viet Tin Capital and Techcombank, 1Long provides a secure and sustainable environment for savings and wealth creation, catering to the growing affluent class.

Moving forward, 1Long aims to expand into investment products, including stocks, bonds, real estate, and additional value-added services such as retirement and tax planning. Catering to both domestic and international investors interested in the Vietnamese market, the company continues its commitment to community welfare through reinvestment in charitable and green initiatives.

In Southeast Asia, Vietnam's fintech sector ranks among the top, with one of the highest growth rates, second only to Singapore, as Acclime Vietnam and Decision Lab reported. In this landscape, 1Long is poised to be a reliable platform committed to innovation, transparency, and focusing on helping users achieve long-term financial success.

To find out more about the app, download 1Long on App Store or Google Play.

About 1Long

1Long is a forward-thinking fintech company revolutionizing asset management with a commitment to continuous innovation. By integrating cutting-edge technology with intelligent investment strategies, 1Long offers a personalized and responsible approach to portfolio management. Our mission is to liberate individuals from the complexities of financial tracking and decision-making, providing a path to financial goals with ease and clarity.

For more information, visit website.

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