Siam Commercial Bank's subsidiary, SCB Abacus, concludes a US$12 million Series A funding round.
SCB Abacus Raises $12 Million in Series A Funding for Digital Lending Expansion
SCB Abacus, a digital lending platform spin-off from the Siam Commercial Bank, has successfully raised US$12 million in an oversubscribed Series A funding round. The funding round was led by Openspace Ventures, with additional capital coming from Vertex Ventures Southeast Asia and CAI Partners.
The funding will be used to further product development and expansion, strengthening SCB Abacus' technology infrastructure and underwriting capabilities. The company aims to recruit additional talent to support its growth.
SCB Abacus' flagship digital lending application, MoneyThunder, is designed to serve the retail market in Thailand. It offers micro loans and Buy Now, Pay Later services, targeting the underserved and unbanked retail segments. MoneyThunder utilizes SCB Abacus' in-house artificial intelligence and machine learning capabilities for loan underwriting and automated approval.
Dr. Sutapa Amornvivat, Founder and CEO of SCB Abacus, expressed gratitude for the support from Siam Commercial Bank and SCB 10X. She believes that the team's expertise and the involvement of leading venture capital investors will drive changes in financial services accessibility in Southeast Asia. Dr. Amornvivat is confident in the potential of SCB Abacus' AI and data capabilities.
SCB 10X financed the Series B financing round of SCB Abacus at the end of 2022, with expectations of a fivefold growth of the current loan portfolio compared to 2021 due to the expansion of digital lending solutions and enhanced data analytics capabilities. This growth is expected to result in a fivefold increase in the current credit portfolio size.
With these funds, SCB Abacus plans to continue its mission of providing digital lending services to the underserved and unbanked population in Thailand, driving financial inclusion and accessibility in the region.
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