Over the past decade, fintech has risen to prominence in Thailand, now accounting for a greater share of the country’s most well-funded tech companies than the sector used to, new data released by Tech in Asia reveal.
Among Thailand’s nine top-funded tech companies this year, four are either fintech companies or offer financial services. Together, they have secured US$860 million of the total US$2.44 billion raised by these nine companies, representing a 35% share, the data show.
This marks a notable improvement from 2016, when the top ten most funded tech companies in Thailand had raised a combined US$150 million, with fintech-related firms accounting for just US$40 million, or 26.7% of the total.
Line Man Wongnai: an emerging fintech giant
Looking at the ranking, Thailand’s second most well-funded tech company is Line Man Wongnai, which has raised US$380 million. Line Man Wongnai is a leading Thai tech company that emerged from the merger of two entities in 2020: Line Man, an on-demand assistant app offering services including food delivery, grocery delivery, ride-hailing, and messaging; and Wongnai, a popular restaurant review platform in Thailand.
Today, Line Man Wongnai operates in the digital services sector, encompassing food delivery, merchant solutions, and financial services. Its fintech offerings include Line Pay, a digital wallet and mobile payment platform, and a range of merchant payment solutions.
In the past five years, Line Man Wongnai has raised invested THB 8 billion (US$247 million) in technology, mainly for a cloud computing system and artificial intelligence (AI). The company now plans to invest a further THB 10 billion (US$309 million) in technology, mainly on AI to enhance customer service and personalize recommendations. It also plans to acquire one or two tech startups.
Line Man Wongnai expects to break even in 2025 and aims to launch an initial public offering (IPO) in 2026. It plans to become a key player or the next unicorn in fintech within five to seven years, Yod Chinsupakul, founder and CEO of Line Man Wongnai, said at the AWS Summit Bangkok 2025 in April 2025, and is looking to develop a buy now, pay later (BNPL) service in the near future.
Omise: a regional payment pioneer
After Line Man Wongnai and ranking third among Thailand’s most well-funded tech companies is Omise, which has raised a total of US$250 million.
Formerly known as Opn, Omise is a payment solutions provider operating in Thailand, Singapore, Malaysia, Japan, and the US. The company provides a suite of online payment and digital transformation solutions, allowing businesses to easily accept and process online payments securely.
Omise supports more than 23,000 merchants and processes over US$17 billion in annual payment volume.
This year, the company plans to 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.
Ascend Money: At the forefront of Thailand’s digital banking revolution
Ascend Money is the fourth most well-funded tech company in Thailand, having raised US$150 million. 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. It has 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.
Most recently, a consortium led by Ascend Money was 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.
Sunday: Thailand’s leading insurtech startup
Insurtech startup Sunday, ranking ninth overall, has raised US$80 million. Founded in 2017, Sunday is a fully-integrated sales and services insurtech that uses AI and digital platforms to offer personalized insurance products and services that suit all types of individual and business risks.
Operating in Thailand and Indonesia, Sunday offers health, car, travel, and electronic insurance under three brands: Sunday Ins, a full-service digital life and non-life brokerage arm for 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.
In March 2024, Sunday acquired a 99% stake in KFK Insurance Indonesia, a general insurer. The company claimed the deal positioned 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.
Sunday reports more than 1 million policies sold since its launch, over 330,000 customers across Thailand and Indonesia, and 700 enterprises on its platform.
Thailand’s fintech sector: growth and challenges
Thailand’s fintech industry has expanded by a remarkable 82.47% over the past five years, driven by widespread adoption of digital financial services and continued momentum across the sector. According to research by the Fintech News Network, the country is now home to 177 active companies, up significantly from 97 in 2020. This represents an annual growth of 12.8%, underscoring the country’s fast-evolving fintech landscape.
This year’s map shows that while payments and transfers remain the leading vertical, other sectors such as insurtech, business financial management, regtech, and financial infrastructure and application programming interfaces, are gaining traction. This development shows that the Thai fintech ecosystem is becoming increasingly diverse and sophisticated, marking a departure from the early dominance of payments and blockchain, and signaling the sector’s progression into more complex and long-term service models.
Despite this growth, the sector remains heavily dominated by large conglomerates and incumbent financial institutions. This has limitied opportunities for independent fintech startups to scale, innovate freely, and attract significant venture capital (VC).
Featured image: Edited by Fintech News Singapore, based on images by thanyakij-12 and Kajikom via Freepik
