Masii.com, a Bangkok-based financial products comparison platform, has secured 77 million baht (US$2.43 million) in Series A funding led by B.Grimm, a 138-year-old multi-billion dollar Thai conglomerate, and European Venture Capital fund, its Co-founder and CEO Maxwell Meyer told e27.
“For us, this round is about technology and scale. We will invest to scale our technology platform and build new advanced tools to improve our credit scoring and customer response time. We still have a lot of work to do here and we want our tech to do the heavy lifting,” Meyer told this portal.
Founded by Meyer (a US native), Matthias Jürgens (German) and Tom Kiatcheeranun (Thai), Masii.com enables users to compare financial products such as credit cards, insurance and personal loans. Meyer claimed that in 2017, over two million people visited the platform and made comparison. Between January and December last year, the business has grown from 9,000 monthly customer applications to over 65,000. The startup is witnessing an average of US$10 million in loan volume to the banks each month.
According to Meyer, the fintech industry in Thailand has changed over the past couple of years. Customers are now more and more willing to give out information to sites that they trust. They have also started to see that there is savings potential in switching to online.
However, there is still room for improvement. “Trust is a long-term investment, and we’re starting to see ours pay off. On the structural side, there are still some places that could be improved — digital signatures are still not accepted in many transactions, which adds a significant logistics cost that eventually is paid by the customer. Hopefully this can change,” Meyer shared..
Although the startup currently has no plans to expand to other parts of Southeast Asia, it will take a call on this when the time is right. “There are really terrific players in many markets around Southeast Asia, many of who Masii really admires. We’re still committed to getting Thailand right, while at the same time leaving the door open for further expansion beyond Thailand — many of our banking partners are in multiple countries, and we could expand with them if we decide it’s the right move,” Meyere added.
Masi has earlier secured seed funding from B.Grimm in February 2016.