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.

Also read:

Bangkok launches $570m venture fund targeting Thai startups

Thai startup STYLHUNT raises $500K in pre-Series A from CyberAgent, 500 TukTuks, other

 

 

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.