Thai fintech startup MONIX raises $20m from Lombard Asia and SCBX in pre-IPO round

Thai fintech startup MONIX raises $20m from Lombard Asia and SCBX in pre-IPO round

MONIX, a Bangkok-based fintech startup which operates digital lending app FINNIX, has racked up $20 million in the first close of its pre-initial public offering (IPO) fundraising round. 

The fresh capital injection was led by Siam Commercial Bank’s parent company, SCBX; and Lombard Asia, a Southeast Asia-based growth private equity firm, boosting the startup’s total funding to $40 million to date, according to a statement on Wednesday.

The new funding will allow MONIX to grow its product offerings and customer base, innovate its services, and prepare the firm for the future public listing.

“This follow-on investment in MONIX marks our continued commitment and strong belief in the long-term prospects of the company. As the mothership of the group, SCBX continues to support our portfolio companies in their own way, including MONIX’s external fundraising in this round, to fuel its growth and prepare for an IPO in the coming years, uplifting the value of the company and maximising returns to shareholders,” said Arak Sutivong, deputy CEO of SCBX. 

“Together with experienced talents from Lombard Asia and Abakus Group, we ensure MONIX will achieve its established plan…”

Launched in 2020 as a joint venture between SCBX and China’s fintech unicorn Abakus Group, FINNIX offers an online platform for personal loans powered by AI technology to assess the creditworthiness of potential borrowers within 5 minutes, without the requirement for documents and guarantors.

With over 36 million Thai users, the app aims to bridge the gap between underbanked loanees who are often overlooked by conventional banks or financial institutions. As of 2022, over 650,000 users have sought a combined $458 million from FINNIX, reflecting positive net profits despite the current economic headwinds.

The FINNIX app has been downloaded 7 million times, with 2.7 million registered users and 5.9 billion baht in loans outstanding. It has less than 1% NPLs, DealStreetAsia previously reported

SCBX, which is one of Thailand’s largest financial groups, has been gearing towards digital transformation in the past years, well before its organisational restructuring which was finalised in early 2022. 

In 2018, the Thai money giant spun off its first alternative digital lending platform SCB Abacus, which is backed by Openspace Ventures, Vertex Ventures Southeast Asia, and CAI Partners.

Similar to MONIX, SCB Abacus operates MoneyThunder, an instant digital lending app for Thai people who lack financial credentials. Most recently, the company secured $20 million in a Series B financing round from undisclosed investors last July.

The money-lending business has been gaining momentum in Thailand in recent years as several large corporations have launched fast loan services, including LINE BK, a joint venture between Kasikorn Bank and Line Corporation. TrueMoney, an e-wallet app operated by a subsidiary of the country’s first unicorn Ascend Money, also launched an online personal loan service Pay Next in September last year.

Edited by: Joymitra Rai

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