Leading fintech startups Thailand 2023, by funding value

In 2023, Opn was the top-funded fintech startup in Thailand, with a funding value of approximately 222 million U.S. dollars. Opn was founded in 2013, mainly focusing on digital payment systems and blockchain technology for business-to-consumer (B2C) environments.

Thailand’s FinTech unicorn

In 2021, Ascend Money emerged as Thailand's first Fintech unicorn. Ascend Money is a company aiming to establish an e-finance system for businesses and private consumers who belong to the underbanked population. However, in that same year, Bitkub, one of Thailand’s leading cryptocurrency exchanges, almost became the first Fintech unicorn after a failed acquisition by Siam Commercial Bank pumped its valuation to over $1 billion. Bitkub has also extended its services to digital asset trading and developing its cryptocurrency called KUB Coin. Despite being the first unicorn in the FinTech sector, Ascend Money came second to Flash Express, a logistics company. These two Thai unicorns earned their evaluation threshold of over one billion U.S. dollars in 2021, making them the first two unicorns in Thailand.

FinTech startup ecosystem in Thailand

  The value of startup funding deals in recent years has continuously increased, implying a growing startup ecosystem in Thailand. Out of over 200 startups as of 2023, most belonged to the FinTech sector. The rise of FinTech startups in Thailand was accompanied by the increased use of digital payments in recent years. Furthermore, tech startups also receive government support in terms of grants and access to incubation programs, strengthening the growth of FinTech startups in Thailand.