Openspace leads the $12M Series A for SCB Abacus, as they continue to create better access to finance in Thailand

Nichapat Ark
September 16, 2021

We’re thrilled to announce that we’ve led the oversubscribed $12M Series A for SCB Abacus, an alternative digital lending platform in Thailand. We’re looking forward to working with our other co-investors, Vertex Ventures Southeast Asia and CAI Partners. 

SCB Abacus is the first fintech spin-off in the Thai banking industry, combining the resources of a leading national bank with the expertise and scale-up experience of international venture capitals. As a result, the business will be best positioned to transform an alternative lending sector traditionally dominated by informal credit solutions.

The company flagship product, MoneyThunder, is a digital unsecured lending application that serves the underbanked population in Thailand. The platform utilizes SCBAbacus' in-house artificial intelligence and machine learning capabilities to underwrite loans and provide a completely automated approval experience for consumers. SCB Abacus also offers customers a fast time to money of 5-20minutes from initial registration through loan disbursement. As of August 2021, MoneyThunder has seen close to 5 million application downloads with loans disbursed surging, increasing by a multiple of 10 in 2021 versus 2020.

Dr Sutapa Amornvivat, founder and CEO of SCB Abacus, said “the company's current mission is to create better access to finance through inclusive digital lending platforms. Today, at least 60% of our borrowers were previously denied bank loans. With the use of our in-house machine learning credit models and artificial intelligence (AI) technology, we can assess borrowers using alternative information and provide a fast and seamless loan process. We envision wider usage of our data infrastructures in other non-financial sectors as well.”

Nichapat Ark, Director & Head of Thailand for Openspace, said, “with their local expertise, blue-chip team and world-class technology, we are confident that SCBAbacus will lead the way in addressing the pressing challenges caused by the limited lending market in the country. In doing so, we believe the company can achieve significant scale and generate transformative social impact. It’s why we are so excited to welcome SCB Abacus to our growing portfolio in Thailand.”

The funding injection will be used to help the fast-growing business accelerate its product development and expansion, strengthen its technology infrastructure and underwriting capabilities, and recruit additional talent.