SCB Abacus closes a $20M Series B round, becoming Thailand’s top funded digital lending platform

SCB Abacus, an alternative digital lending platform in Thailand with their flagship product, “MoneyThunder” application, successfully builds trust to the world-class investors, closing a $20 million Series B funding round, becoming the most funded digital lending platform in Thailand with the total funding of 1.5 billion Thai Baht.

Vertex Ventures Southeast Asia and India is pleased to continue backing them for this latest fundraising round and their impactful mission.

With their strong in-house technology and current partnership with various types of business, the team aspires to continue developing their product, aiming to become the customers’ lifeline in times of financial need, create better access to finance to small entrepreneurs and underbanked population in Thailand, and finally becomes the leader of digital lending in the country and Southeast Asia.

Digital loan that promotes financial equality and serves the borrowers’ real need

Dr. Sutapa Amornvivat, the founding CEO of SCB Abacus, a data tech startup under SCBX Group, said “The success of the Series B fundraising is motivated by our firm goal and mission, which is to create better access to finance to Thai people who have insufficient credit history or limited financial opportunity through “MoneyThunder”, an inclusive digital lending platform. Utilizing AI technology and machine learning to process Alternative Data to differentiate our product from other formal loans, we can give everyone an equal opportunity, minimize financial disparity, and solve the informal loan situation in Thailand. With a team who shares the same goal, our product serves the borrowers’ real need and gains trust from the investors as a potential financial solution that will keep developing and supporting our customers better in the future.”

The success in Series B round will allow SCB Abacus, the most funded digital lending platform in Thailand with the total funding of 1.5 billion Thai Baht from SCBX Group and world-class investors like Openspace Ventures, Vertex Ventures Southeast Asia, and CAI Partners, to uplift their digital lending service to meet the real need of the customers, strengthen their position to be not just a loan service, but also an “understanding advisor” by the customers’ side helping them approach their goals. The company plans to provide loans to 10% of Thai people who lack access to formal finance within 2 years.

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