7 Fast-Growing Fintech Startups in Thailand

7 Fast-Growing Fintech Startups in Thailand

by March 18, 2024

Fintech startups in Thailand are poised for success with real-time transactions are being adopted at a faster than anywhere else in Southeast Asia, cashless payments have reached ubiquity and digital lending is emerging as a compelling alternative to traditional lenders for rural populations, a 2023 report by Wing Vasiksiri and Ravenry reveals.

The report, released in September 2023, looks at the Thai fintech sector, highlighting the rise of digital payments and the explosive growth of real-time transactions, as well as presenting the opportunities that exist in digital remittances, open banking, business-to-business (B2B) payments and agricultural lending.

According to the report, cashless payments are now widespread in Thailand, reaching an adoption rate of 94% in 2021. This growth has been facilitated by the increased acceptance of digital payments, growing demand for convenient payment methods, and the establishment of the PromptPay real-time payment transfer system.

At the same time, the government is demonstrating a strong commitment to fostering innovation and modernizing the financial sector, recognizing the pivotal role fintech startups in Thailand plays in driving economic growth and financial inclusion. Most recently, the Finance Ministry announced that Thailand would start accepting applications for virtual banks within the next six months. The framework, which is still in the works, aims to support people with no or limited access to financial services.

These trends and market developments are paving the way for further development in the fintech sector, and setting the foundations for increased adoption of digital financial services in Thailand. Against this backdrop and to gain a deeper understanding of the Thai fintech sector, we’ve compiled a selection of some of the country’s fintech trailblazers, spotlighting the market’s leaders and fastest-growing fintech startups in Thailand. For this list, we’ve focused on private startup companies that have made considerable strides, attracting support from prominent investors and witnessing remarkable growth.

Ascend Money

Ascend Money

Founded in 2013, Ascend Money is a fintech startup in Thailand that is part of the Ascend Group, a digital technology business conglomerate providing digital financial, e-commerce, data and cloud services.

The company operates TrueMoney, a fintech platform and super-app that provides products and services including the TrueMoney Wallet, WeCard by MasterCard, TrueMoney Cash Card, Kiosk, Express, Payment Gateway, and Remittance.

TrueMoney claims 27 million users, of which 17. million being active users. It says the average spending via the mobile app stands at THB 3,000-4,000 (US$82-110) per month. In terms of financial services, the platform boasts 2.5 million account holders who use its savings, investment and lending services, and TrueMoney’s payment service currently covers 7 million points in Thailand, supporting payment in 40 other countries, including Singapore, Japan, South Korea and China.

In 2023, the company expanded its e-wallet offering to Malaysia, its sixth market in Southeast Asia. The expansion occurred through a partnership with Lotus’s Stores Malaysia, one of the country’s biggest hypermarket operators.

Monsinee Nakapanant, co-president of Ascend Money, told the Bangkok Post in May 2023 that TrueMoney aimed to have 50% of the Thai population using its services actively everyday by 2025 and sought to reach profitability that year. She added that the company was also planning to apply for a virtual bank license in Thailand and was looking to pursuing new fundraising through an initial public offering (IPO).

Ascend Money secured its latest round of financing in 2021, closing a US$150 million Series C at a valuation of US$1.5 billion and becoming Thailand’s first fintech unicorn.



Founded in 2013, Opn is a provider of online payment solutions and digital transformation services. The company’s offerings include a one-stop online payment platform, Opn Payments; Opn Tag, which creates contactless digital touchpoints; embedded financial solutions tailored to the needs of customers; as well as digital wallets utilizing blockchain technology. In addition, Opn offers consulting services through its Opn Pro brand.

Originally established as Omise in Thailand in 2015, Opn has since expanded its footprint to encompass Japan, Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and the US. The company says its fintech solutions are used by more than 22,000 firms and small and medium-sized enterprises (SMEs) around the world, making it one of the leading payment services providers in Asia-Pacific (APAC) and the US.

Opn made several strides in 2023, launching a new development center in Hanoi, Vietnam in February, kicking off a card issuing offering in Thailand in June and integrating Atome into its payment platform for Malaysian and Singaporean customers in July.

Opn’s card issuing platform enables customers to easily launch, manage, scale their own branded card programs, and generate new revenue streams, while its integration of Atome allows its customers to offer BNPL payment options.

The releases followed a US$120 million in a Series C+ Opn secured in May 2022 which brought the company’s total funding to over US$222 million. The company said at the time it would use the proceeds to accelerate the development of its core payment solutions and expand into new territories.


Established in 2016, Roojai is an insurtech startup that builds online insurance products designed to be simple to understand, easy to use, affordable and with superior quality services. The company offers vehicle coverage, critical illness insurance, accident insurance, travel insurance, and many more.

A licensed insurance broker, Roojai has exclusive partnerships with leading insurance companies in Thailand and Southeast Asia, including AXA Thailand, Krungthai Panich Insurance and FWD Thailand.

In early 2022, the company expanded to Indonesia, and in 2023, it made a series of acquisitions to solidify its position locally and enter new markets. These deal included the acquisition of the local business of FWD General Insurance from Bolttech, and the purchase of DirectAsia, a Singapore-based insurance firm whose primary business is motor.

With the acquisitions, Roojai became a full digital insurance company with the license to underwrite general insurance products in Thailand. The company also increased its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health products.

Most recently, Roojai acquired Lifepal, an online insurance aggregator in Indonesia with over 2 million unique visitors per month. The deal, announced in January 2024, will mark a synergy of strengths: while Lifepal will provide access to the largest online distribution channel in Indonesia, Roojai will improve the company’s performance thanks to its proprietary pricing, underwriting technology, and overall excellent customer experience, the company said.

Roojai claims it experienced robust growth during its fiscal year 2023 starting April 2022 and ending March 2023. The company collected over THB 1.3 billion (US$36 million) in premiums, up 20% YoY. It also says its number of customers increased by 15%.

According to CB Insights, Roojai has raised US$69 million in funding, its latest round being a US$42 million Series B secured in March 2023. The company said it would use the proceeds to accelerate its growth in Thailand, fuel its expansion across Southeast Asia, and pursue acquisition opportunities.

Rabbit Care

Rabbit Care

Founded in 2013 as Rabbit Finance, Rabbit Care is a leading marketplace for insurance and financial products. The company provides an online comparison platform that allows customers to conveniently compare and buy insurance and financial products, and leverages technology to simplify insurance and financial product brokerage.

The platform covers six business segments, namely motor insurance, health insurance, life insurance, other insurance, corporate insurance, and financial products, and counts more than 70 business partners.

A subsidiary business of Rabbit Group under VGI, Rabbit Care claims more than four million customers. The company says it generated THB 3 billion (US$87.4 million) in insurance premium in 2022 and experienced a 144% increase in commissions from financial products.

Most recently, Rabbit Care established and launched Rabbit Care Lending, a new brand focusing on BNPL financing plans, and acquired in September 2023 EasyCompare’s broker business. With the acquisition, Rabbit Care welcomed 30,000 clients.

In October 2023, Rabbit Care announced that it had reached a milestone by recording a 137% increase in total insurance premiums spanning all product categories. Sales conducted through brokers rose from 56% to 70% of the total non-life insurance premiums, while the trend of searching for and purchasing insurance products through online channels recorded a surge of over 50%.



Founded in 2015, Finnomena is the developer of a digital wealth management platform for investors and financial advisors, offering personalized investment recommendations based on individual risk profiles and financial goals.

The platform utilizes a proprietary machine learning (ML) technology and a hybrid robo-advisory model to generate above market returns and deliver a superior tech-enabled user experience. It also offers educational content and tools to empower users to make well-informed investment decisions.

Finnomena claims it has witnessed strong growth, boasting more than 620,000 subscribers in January 2024, up 16.3% since 2021. It says its platform has attracted 86,000 active investors, growing 14% year-over-year (YoY) in 2024.

This year, Finnomena is moving forward into its 9th year and remains committed to developing comprehensive investment knowledge. The company says it will continue providing content in various formats, including articles, videos, and live broadcasts, along with introducing new investment products. Expert advice from the startup will also cover various investment styles, including long-term goals, short-to-medium-term profit opportunities, and model portfolios curated by professional experts.

Finnomena secured a US$5.5 million Series B+ in July 2023 to further develop its investment management platform and expand its range of products to include new asset classes like crowdfunding and investment tokens.



Founded in 2017, Sunday is a fully-integrated sales and services insurtech that uses artificial intelligence (AI) and digital platforms to offer personalized insurance products and services that suit all types of individual and business risks.

The company, which operates in Thailand and Indonesia, runs three main brands: Sunday Ins, a full-service digital life and non-life brokerage arm for its direct consumers, corporate clients and partners regionally; Sunday Care, a healthcare and electronics protection solution provider; and Sunday Technologies, a data science and technology service provider.

Sunday secured its latest round of financing in March 2023, securing US$42 million in a Series B funding round, DealStreetAsia reported. The company said it would use the proceeds to further its growth in Indonesia and expand into the Philippines, where Roojai plans to expand while growing organically. It said at the time that it recorded a 25% increase in insurance premiums to US$38 million and gained 40% more users in 2022, when it had a total of 150,000 users.

Most recently, Sunday acquired a 99% stake in KFK Insurance Indonesia, a general insurer. Sunday claims the deal positions it as one of the largest fully licensed insurtech groups in the region’s two biggest general insurance markets, with revenues exceeding US$100 million.

The acquisition is expected to drive growth in personal insurance products, focusing on innovation and alternative distribution channels across the nation. The move is also set to enhance service offerings with AI/ML technology across motor and health insurance, as well as other personal lines.

KSK Insurance Indonesia reported gross written premiums of around US$40 million as of 2023. The company’s portfolio includes car, property and cargo insurance, distributed through a network of agents and brokers in key Indonesian cities such as Jabodetabek, Bandung, Surabaya, Medan and Bali.

Bitkub Online


Founded in 2018, Bitkub Online, also known as the Bitkub Exchange, is a regulated digital asset exchange that claims the highest trading volume in Thailand. This fintech startup in Thailand allows users to buy, sell and store digital assets, focusing on convenience and user-friendliness.

The Bitkub Exchange’s parent company, Bitkub Capital Group also owns and operates several other subsidiaries, including:

  • Bitkub Labs, a one-stop service hub for knowledge regarding digital assets, blockchain technology, and related content;
  • Bitkub Blockchain Technology, which assists businesses in integrating blockchain solutions for enhanced efficiency and security;
  • Bitkub Ventures, an investment arm providing strategic investments to support burgeoning startups;
  • Bitkub Infinity, an investment consultancy platform;
  • Bitkub M, a collaborative effort between Bitkub and The Mall Group to establish a center of knowledge exchange and organize seminars and meetings on the digital economy;
  • Bitkub World Tech, a joint venture company between Bitkub and Thongtang Group to create a platform offering courses in AI, the Internet-of-Things (IoI), big data, cloud, and blockchain.

The Bitkub Exchange is said to carry out more than 90% of Thailand’s crypto transactions and handle a daily trade value of US$25 million.

In July 2023, the company offloaded a 9.22% stake for a whopping US$17.8 million to Asphere Innovations, a local game publisher, according to a report from Tech in Asia. This capital injection is expected to fortify Bitkub’s financial stability, allowing it to continue operating in the volatile cryptocurrency market.

In 2022, the Bitkub Exchange reported a 48% YoY decline in revenue as the crypto market plunged, while total investments of its clients decreased 65% YoY, the Bangkok Post reported. Net profit totaled THB 341 million (US$9.5 million) in 2022, representing a 86% decline from the prior year. The company claimed 4.2 million registered users at the time.

Thai lender SCBX had planned to acquire a 51% stake in the Bitkub Exchange last year for US$500 million. The deal was scrapped amid uncertainty over the startup’s settlement of regulatory issues with the Thai Securities and Exchange Commission, the Bangkok Post reported.


Featured image credit: Edited from freepik