Thailand’s Krungsri Finnovate backs local CRM startup

Krungsri Finnovate, the US$30 million fintech-focused venture capital subsidiary of Thailand’s Krungsri Bank, invested an undisclosed amount in Choco CRM, a local startup that provides customer relationship management (CRM) services for businesses.

Photo credit: Krungsri Finnovate

Krungsri said its investment would help open up access to financial services for Choco through its information-based lending segment. Choco would also be able to make use of Krungsri’s QR code payment channel, according to a statement. In exchange, Krungsri plans to offer the services of Choco’s platform users in its credit card point redemption program.

Choco offers CRM and point-of-sale (POS) services to small and medium enterprises (SMEs). The company enables businesses to communicate with end-users through a physical member card, phone numbers, and a mobile app.

Choco said it aims to build a strong and active customer base for SME operators in the early phase.

“The goal of this investment is to strengthen SME operators by means of delivering superior financial services and to facilitate them to achieve business management efficiency and to have access to enhanced financial services, including information-based lending platform of Krungsri,” said Sam Tanskul, managing director for Krungsri Finnovate.

Krungsri previously backed Thai startup Finnomena, which aims to educate the country with Thai-language content about finance. It also previously invested in Omise, a local payment gateway and blockchain tech startup.