Thai fintech startup bags series A money from the VC firm that backed Grab

Thailand-based fintech startup Robowealth announced it has received an undisclosed amount of funding for its series A round from Beacon Venture Capital, the corporate venture capital arm of Kasikornbank.

From left: Chonladet Khemarattana, CEO of Robowealth, and Thanapong Na Ranong, managing director of Beacon Venture Capital / Photo credit: Robowealth

Under its Robowealth Mutual Fund Brokerage Securities, Robowealth offers two investment applications, which help users gain access to a mutual funds portfolio with a minimum investment of 1,000 baht (US$33.4). The company also provides wealth management solutions to customers with a high net worth, as well as professional fintech software development solutions.

The new funding will be used to drive capital market inclusiveness in Thailand and solve the primary issues that prevent users from investing, including the lack of time, knowledge, and capital.

“The pandemic has also encouraged more people worldwide to quickly adopt the digital platform, which [has a] long-term benefit for wealthtech businesses,” said Chonladet Khemarattana, group CEO of Robowealth.

See also: As traditional banking slows, Thai banks future-proof by capitalizing on fintech

Investor Beacon Venture Capital focuses on funding early- to growth-stage technology startups working with finance, consumer internet, and enterprise technology. Currently, the VC has a fund size of US$135 million and has invested in startups including Grab, FlowAccount, Eventpop, Jitta, InstaReM, and Aspire.

The venture capital firm is looking to increase its assets under management to 30 billion baht (US$10 million) in 2021. However, it didn’t mention the value of its current assets under management.

“One of the interesting characteristics of successful Thai fintech companies is that their businesses and offering models don’t aim to disrupt financial institutions. Instead, they collaborate with them [to combine] each party’s unique strength to add value to customers and grow synergistically,” said Thanapong Na Ranong, managing director of Beacon Venture Capital.