Thai e-wallet service T2P closes $3m Series A led by J-Venture for Myanmar push

Photo: Preetha/Mint

T2P Deep Pocket, Thailand’s e-wallet service provider, has closed a $3-million series A round led by J-Venture, the corporate venture capital arm of SET-listed mobile retailer JMART.

The Chanwanich family as well as existing investors including 500 TukTuks and a mobile network service provider Telenor also joined the round.

T2P’s chief executive officer Taweechai Pureetip told DEALSTREETASIA that it would likely use the latest proceeds to expand the team and launch its services in Myanmar.

“As we expand into new markets, one of our strategies is to find the right partner and grow together. Telenor, our strategic partner, has covered more than 90 per cent of total network in Myanmar. Additionally, we have set up a joint venture with the retail giant City Mart in February to provide e-wallet services to its customers as well,” he said.

T2P is the first company that joins dtac accelerate “Global Expansion Track”, which plans to help them expand into 13 global markets with the support from Telenor.

Pureetip added it is also developing other financial products, linked  to people’s lifestyles, proposed to be launched in the fourth quarter of this year. The company aims to serve over 100 million unbanked customers in Southeast Asia and South Asia.

The fintech company received the funding of $1.1 million from 500 TukTuks and Benchachinda Holding in May 2016. The latest round brings total funding up to date to $4.1 million.

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