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. 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.
“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,” Dr. Sutapa added.
The first digital lending platform with in-house technology and Alternative Data analysis
“MoneyThunder” application, a core product of SCB Abacus, is a legal, 100% digital lending platform targeting borrowers who lack access to bank loans. The company develops their own machine learning called “Abacus Core Technology (ACT)” to underwrite loans. Additionally, it is the first digital lending in Thailand to use Alternative Data to create a personalized underwriting model that maximizes the borrowers’ opportunity. Providing a fast and seamless experience as the loan approval and disbursement take only 15 minutes, SCB Abacus positions themselves to become a customers’ “lifeline” during the economic recovery and also every stage in their life.
Developed with customer centricity, MoneyThunder has more than 8 million downloads. Around 50% of their customers were denied bank loans. More than 40% have experienced informal loans. Moreover, about 15% of their customers are young entrepreneur aged 20-25. This statistic proves SCB Abacus’ mission to unlock more financial opportunity to people who have limited access to formal finance or still start to build credit and reduce Thailand’s household debt caused by informal loans.
Potential product, people, and partners, all for better society
In addition to a platform and loan process that will certainly be faster, more seamless, and secure as ever, Dr. Sutapa added that a business partnership is also one of the factors driving the company to success. SCB Abacus currently partners with various businesses, such as Thailand Post, Lazada, PTG Energy, and foodpanda.
Moving forward, SCB Abacus will continue to expand its partnership in Thailand and internationally. With enough working capital, individual customers and small entrepreneurs will finally experience stable and strong growth in such an economic fluctuation.
To learn more, please visit www.scbabacus.com