Thai alternative digital lending platform SCB Abacus has raised $12 million in a Series A funding round led by Openspace Ventures, according to an announcement.
The financing was joined by Vertex Ventures Southeast Asia and CAI Partners.
The company plans to use the capital to expand its product offerings, strengthen its technology infrastructure and underwriting capabilities, and recruit additional talent.
SCB Abacus’s flagship product, MoneyThunder, uses artificial intelligence and machine learning capabilities to underwrite loans and provide automated approvals. The startup said it had close to 5 million application downloads as of August 2021.
Small business owners, who make up 84% of Thailand’s 3 million enterprises, are the company’s targeted customers.
“Today, at least 60% of our borrowers were previously denied bank loans,” said Sutapa Amornvivat, founder and CEO of SCB Abacus.
The company claims to have seen a 10x growth in disbursed loans this year compared to 2020.
SCB Abacus is the fintech spin-off of Siam Commercial Bank (SCB), the oldest commercial bank in Thailand. The startup aims to grow its current loan portfolio fivefold and close a Series B funding round by the end of 2022.
SCB Abacus is the first Thai company founded by a Thai team in Vertex Ventures Southeast Asia’s portfolio, according to its partner Carmen Yuen. The Singapore-based VC firm recently invested in Thai insurtech startup Sunday, which was co-founded by Cindy Kua and Joanne Ying Fei Kua.