Openspace Ventures leads $12m funding for Thai lending platform SCB Abacus

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.