Thai alternative digital lending platform SCB Abacus, a spinoff of financial services conglomerate SCBX, has closed a $20 million Series B funding round from undisclosed investors.
The firm said in a statement that the Series B round brought its total funding to 1.5 billion baht ($41 million), becoming the most funded digital lending platform in Thailand. SCB Abacus’ existing investors include Openspace Ventures, Vertex Ventures Southeast Asia, and CAI Partners.
SCB Abacus leverages AI technology and machine learning to process alternative data, catering lending services to small entrepreneurs and the underbanked population in Thailand. The company said it planned to provide loans to 10% of Thai people who lack access to formal finance within two years.
Sutapa Amornvivat, the founding CEO of SCB Abacus, said the company’s app, MoneyThunder, aimed to “create better access to finance to Thai people who have an insufficient credit history or limited financial opportunity”.
MoneyThunder has more than 8 million downloads. Around 50% of its customers are those who were denied bank loans, and more than 40% have experienced informal loans. Moreover, about 15% of the customers are young entrepreneurs aged 20-25.
“We will accelerate our product development, strengthen our team, and expand our partnership both domestically and internationally for better risk management. Soon, we hope to become a Thai unicorn tech company initiating social impact,” Sutapa added.
SCB Abacus currently partners with various businesses, such as Thailand Post, Lazada, PTG Energy, and foodpanda.
Siam Commercial Bank launched Abacus in 2017 as part of the bank’s transformation mission with a focus on using AI and advanced data analytics.
In September last year, Siam Commercial Bank restructured its businesses and formed SCBX as a parent company to replace the listed lender on the Thai bourse in a 1:1 share swap. The move was aimed at establishing the group as a regional financial technology leader with operations across a variety of financial businesses and platforms.
SCBX also established SCB10X, which now houses SCB Abacus under its roof, along with Digital Ventures, Monix, and Purple Ventures. SCB10X does venture building, venture capital investments, and strategic partnerships in the tech space.