Thai fintech firm T2P secures $1.1m from 500 Startups, Benchachinda

Image from Deep Pocket website.

Bangkok-based fintech firm T2P has raised $1.1 million from global venture capital 500 Startups, its Thai micro-fund 500 TukTuks and Benchachinda Holding, owned by the founding family of mobile operator DTAC.

After the fundraising, the co-founders of T2P still hold the majority share of 80 per cent. 500 Startups and 500 TukTuks have acquired a combined stake of 10 per cent in T2P, while Benchachinda Holdings will hold the remaining 10-per-cent.

T2P, which was founded in 2012, has created and provided the e-wallet mobile app, DeepPocket, to serve several banking services.

Natwut Amornvivat, the co-founder of T2P Co, said that it would use the proceeds to expand its e-payment platform service from business-to-business (B2B) to the consumer market.

It also plans to expand its service outside Thailand by the end of this year, starting from ASEAN countries.

Only 7.6 per cent of Thai people use e-wallet service, which is pretty low compared to the average 19.5 per cent in Asia Pacific, he said. “Currently, around 53 per cent of Thai population use smart phone and 30 per cent of total do not have bank accounts. Thai market, therefore, has big room for us to grow,” he added.

To date, it is the first time that 500 Startups has injected the capital into the Thai company directly.

At the Startup Thailand 2016, Dave McClure, founding partner at 500 Startups, said that Thailand is a high-potential country for startup investment.

“We are the most active investors in the fin-tech industry, and T2P is our first [Thai] investment in this field. T2P’s peer-to-peer platform is an interesting service,” he said.

Krating Poonpol, fund manager of 500 TukTuks, said that Fintech is a global phenomenon and it is growing rapidly in Thailand.

He cited that the value of fintech business worldwide was forecast to rise to $400 billion by 2025.

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