Though fintech unicorns are flourishing globally, Thailand has yet to produce a significant number of billion-dollar fintech companies.
A recent report by the Business Times explores the factors behind this trend,pointing to the dominance of the country’s banking institutions in the fintech landscape and the lack of independent venture funding. Together, these factors have created an ecosystem where fintech startups struggle to achieve significant growth, making the emergence of fintech unicorns in Thailand elusive.
Yet, despite these structural barriers, a number of independent fintech startups in Thailand have managed to gain traction and rise to prominence. Today, we take a look at some of the country’s fintech trailblazers and fastest-growing fintech startups in 2025.
For this list, we focus on private fintech companies that have achieved notable scale, demonstrated impressive growth, and secured backing from prominent investors.
Ascend Money
Founded in 2013, Ascend Money is a fintech company in Thailand that operates as part of the Ascend Group, a digital technology business conglomerate providing digital financial, e-commerce, data and cloud services.
Ascend Money runs 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. Ithas built a strong presence across Southeast Asia with a network of over 88,000 agents.
TrueMoney claims more than 50 million users across Thailand, Cambodia, Myanmar, Vietnam, Indonesia, the Philippines, and Malaysia. The platform has processed payments of more than US$14 billion to date.
Ascend Moneysecured its latest round of financing in June 2024, closing a US$195 million Series D and reinforcing its position as Thailand’s first and only fintech unicorn startup,according to CB Insights.
Most recently, a consortium led by Ascend Moneywas approved by the Bank of Thailand (BOT) for a license to establish one of the country’s first digital banks. This license is pending final approval from the Ministry of Finance, expected by mid-2025, with digital banking services anticipated to launch in 2026.
Beyond Thailand, Ascend Money continues to broaden its reach and offerings. In the Philippines, TrueMoney recentlypartnered with SB Finance, affiliated with Security Bank, to deliver financing options tailored for small businesses. In Malaysia, the companylaunched international remittance services in April, enabling users to send funds from Malaysia to multiple countries, including Myanmar, Cambodia, Indonesia, the Philippines, India, Nepal, and Bangladesh.
FlowAccount
Founded in 2015, FlowAccountis a leading cloud accounting software-as-a-service (SaaS) platform built to support the country’s small and medium-sized enterprises (SMEs).
Tailored for Thai SMEs, freelancers, and startup founders, the platformssimplifies business operations with an integrated suite of tools designed to streamline accounting, payroll, point-of-sale (POS), document scanning, and financial services. It offers an intuitive, do-it-yourself interface enhanced by real-time financial insights and ongoing educational support.
FlowAccount is accessible via web and mobile applications, allowing teams to work seamlessly from any location. Its payroll system supports both monthly and daily compensation structures and integrates with the main accounting platform. This feature, used by over 10,000 users, is also securely connected to Kasikorn Bank’s K-Cash Connect Plus for safe salary disbursement.
FlowAccount currently serves over 130,000 business customers, with more than 17,000 accountants and administrators using its tools, and a network of more than 4,700 accounting firm partners.
The company has attracted support from leading domestic and international investors, including Beacon VC, the venture arm of Kasikorn Bank; PeakXV, formerly Sequoia Capital India; Japan’s fintech leader Money Forward; SBI Investment; Singapore’s Golden Gate Ventures; and 500 TukTuks, the Thai arm of Silicon Valley-based 500 Global.
Roojai
Established in 2016, Roojai is an insurtech startup specializing in the development of online insurance products that are designed to be simple, affordable, and of high quality. The company offers a range of insurance options, including vehicle coverage, critical illness insurance, accident insurance, and travel insurance, among others.
Roojai has gained recognition for its customer-centric approach, leveraging technology to provide superior service and enhance the overall user experience. A licensed insurance broker, the company has exclusive partnerships with leading insurance companies in Thailand and Southeast Asia, including AXA Thailand and Krungthai Panich Insurance, andclaims it serves more than 250,000 customers per year, managing over 5,000 claims per month.
In 2023, Roojai acquired FWD General Insurance from Boltech and rebranded it to Roojai Insurance in 2024, becoming the largest full-stack digital insurance company in Thailand focusing on retail insurance products. In 2024, it continued its expansion by acquiring DirectAsia Thailand from Hiscox Group. With this acquisition, Roojai substantiallyincreased its market share with a combined portfolio of over 300,000 vehicles insured in Thailand.
According to CB Insights, Roojai has raised US$69 million in funding. Its last round was a US$42 million Series Bsecured in March 2023.
Lightnet
Lightnet is a global fintech company founded in 2018 which provides advanced global payment solutions, including cross-border money transfers, digital wallets, and multi-currency virtual bank accounts, serving 150 countries worldwide. These services are powered by cutting-edge AI and blockchain technologies.
Lightnet’s flagship product, Liquidnet,offers a cross-border payment solution infrastructure for money transfer operators, local banks, and corporates. Meanwhile, its mobile application, LightRemit, allows retail customers and small and medium-sized enterprises (SMEs) across Southeast Asia to swiftly and conveniently send money to their families, friends, and business partners around the world.
Though Lightnet is headquartered in Singapore, the company has a significant operational presence in Thailand. The company was co-founded by Chatchaval Jiaravanon, a member of Thailand’s prominent Charoen Pokphand Group, and Tridbodi Arunanondchai, who serves as the Group CEO. Locally, the company has established a strong presence, reaching 46 million Thai customers across sectors like agriculture, food and beverage (F&B), and e-commerce, and through its strategic partnerships, has also built an extensive local network of 150,000 service channels.
Lightnet is backed by notable strategic investors like UOB Venture Management, Seven Bank, Hanwha Investment and Securities, Uni-President, and Raffles Family Office.
Last year, Lightnet’s affiliate, Lighthub Asset,partnered with Hong Kong-based virtual bank operator WeLab to apply for a virtual banking license in Thailand. Although the consortium did not secure the license, Lightnet continues to explore opportunities to expand its services and footprint in the digital banking space.
Finnomena
Founded in 2016, 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.
Finnomenahas more than US$1 billion in assets under management (AUM), and claims over 600,000 registered members. Most recently, the companydeployed an artificial intelligence (AI) solution to enhance the way it processes financial market intelligence.
The AI solution leverages an agentic AI workflow to analyze emails from partner firms in real time, identifying those containing crucial updates. It then generates summarized insights and recommended actions, which are automatically sent to internal teams via Gmail and Google Chat. This ensures rapid response and informed decision-making.
In July 2023, Finnomenasecured a US$5.5 million Series B+ to further develop its investment management platform and expand its range of products to include new asset classes like crowdfunding and investment tokens. The startup is backed by leading institutions including Openspace Ventures, Krungsri Finnovate, and Government Savings Bank.
Sunday
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 Exchange is a regulated digital asset exchange in Thailand. The platform allows users to buy, sell and store digital assets, focusing on convenience and user-friendliness.
With a daily trading volume of US$44.5 million, Bitkub Exchange currentlyleads the Thai market, holding approximately 75% of the market share. The platform holds around US$3 billion in customer deposits.
Bitkub Exchange operates under the broaderBitkub Capital Group, a parent company that oversees a number of subsidiaries. These include Bitkub Blockchain Technology, which assists businesses in integrating blockchain solutions for enhanced efficiency and security; Bitkub Labs, an educational hub dedicated to digital assets and blockchain knowledge; and Bitkub Ventures, the group’s investment arm providing strategic investments to support burgeoning startups.
Most recently, the group’s subsidiary, Bitkub Portal,received regulatory approval from the Securities and Exchange Commission (SEC) to operate as a platform for digital token offerings. The development marked a significant step in broadening the company’s service offerings.
Looking ahead, Bitkub Capital Group plans to launch an initial public offering (IPO) by the end of 2025, aiming to expand its operations across Southeast Asia, particularly targeting emerging markets like Cambodia, Vietnam, and Laos. The group is also considering a dual listing in international markets such as Hong Kong or the US.
Omise
Founded in 2013 in Thailand, Omise is a leading payment solutions provider operating in Thailand, Singapore, Malaysia, Japan, and the US. With a mission to expand access to the digital economy, the company offers secure, scalable, and innovative payment technologies, empowering businesses of all sizes to operate efficiently and accept payment conveniently.
Omise’s core products and servicesinclude payment gateway solutions, enabling businesses to accept and process online payments securely, as well as developer-friendly tools, allowing for seamless integration into various e-commerce systems. Its platform integrates with over 100 payment methods. In 2020, Omise introduced Omise Pro, a professional service offering enterprises one-stop solutions, including fintech consulting, customized solutions, and platform infrastructure development.
This year, the companywill launch a suite of AI-driven products designed to redefine fintech standards for efficiency, intelligence, and security. These will include the Omise AI Assistant, offering intelligent code suggestions to accelerate integration; Smart Routing, a real-time optimization engine for transaction processing; and the Generative Dashboard, which is designed to transform complex financial data into clear, actionable insights.
Omisesupports more than 23,000 merchants and processes over US$7 billion in annual payment volume, serving a diverse customer base that ranges from startups to multinational corporations. Privately-held, its major shareholders include Toyota Financial Services Corporation, the financial services arm of Toyota Motor Corporation, and SCB 10X, the venture capital arm of Siam Commercial Bank.
Featured image credit: Edited from freepik
