Thailand’s banks have stepped as much as chase the startup dream during the last year. Following on from SCB’s Digital Ventures, which has backed blockchain startup Ripple amongst others, Kasikorn financial institution (KBank) has made the first investment from its $ 30 million fund — a $ 1.15 million round for Bangkok-based FlowAccount.
KBank announced its Beacon fund this summer. It has made investments into money as an LP, most particularly it’s involved in Singapore’s Dymon Asia, but here’s its first direct investment in a startup.
The bank become joined within the circular with the aid of Japan-primarily based conglomerate SBI group, and FlowAccount’s seed investors 500 Startups and Golden Gate Ventures.
FlowAccount is a cloud-primarily based platform for enterprise accounting. It plans to make use of these new money to grow its team of 20, and boost new items that prolong its reach from cloud-primarily based accounting systems into other SME features. This week, it launched an answer for accounting organisations themselves, and it’s planning payroll and different HR capabilities for small corporations in the future.
at the start, it is maintaining its focal point on Thailand, CEO and co-founder Kridsada ‘Gideon’ Chutinaton informed TechCrunch in an interview.
“For this round we are nevertheless concentrated in the community, we want to be the go-to for small organizations in Thailand,” he referred to. “We consider the domestic market is still large adequate to be a one-county play for the immediate future. once we seize the Thai market then we can start to seem to be foreign places.”
indeed, snagging Kasikorn financial institution (KBank) and SBI as companions can support achieve both of these ends. Chutinaton mentioned KBank has begun some integrations between the FlowAccount provider and its SME offerings, whereas it could closely promote the carrier to its consumer base — which encompass the largest share of SMEs for any Thai bank.
SBI, meanwhile, has huge adventure working with SME-focused startups in its native Japan, including freee. Chutinaton pointed out SBI’s involvement can help top FlowAccount for significant funding rounds and a global push when the time is right.
For now his goal is to support SMEs in Thailand, and the wider Southeast Asia area, bring the advantages of the cyber web and the cloud to their operations.
“native players building local solutions for international locations is really positive,” he defined, noting that almost all global functions aren’t suited to small groups working in Southeast Asia. “it could actually no longer enchantment to a world viewers nevertheless it impacts native people and that’s price doing.”
“Adoption for Saas on a subscription provider groundwork continues to be very new here and we’re helping corporations take that step from processing counsel offline to doing it online. We think that getting individuals to beginning doing their accounting online can really help the nation,” he added
Fundings & Exits – TechCrunch