Thailand’s banks have stepped adult to follow a startup dream over a past year. Following on from SCB’s Digital Ventures, that has backed blockchain startup Ripple among others, Kasikorn Bank (KBank) has done a initial investment from a $30 million account — a $1.15 million turn for Bangkok-based FlowAccount.
KBank announced a Beacon account this summer. It has done investments into supports as an LP, most particularly it is concerned in Singapore’s Dymon Asia, though this is a initial approach investment in a startup.
The bank was assimilated in a turn by Japan-based firm SBI Group, and FlowAccount’s seed investors 500 Startups and Golden Gate Ventures.
FlowAccount is a cloud-based height for business accounting. It plans to use these new supports to grow a group of 20, and rise new products that extend a strech from cloud-based accounting systems into other SME services. This week, it launched a resolution for accounting firms themselves, and it is formulation payroll and other HR services for tiny businesses in a future.
Initially, it is gripping a concentration on Thailand, CEO and co-founder Kridsada ‘Gideon’ Chutinaton told TechCrunch in an interview.
“For this turn we are still focused locally, we wish to be a go-to for tiny businesses in Thailand,” he said. “We trust a domestic marketplace is still vast adequate to be a one-county play for a evident future. When we constraint a Thai marketplace afterwards we can start to demeanour overseas.”
Indeed, snagging Kasikorn Bank (KBank) and SBI as partners can assistance grasp both of those ends. Chutinaton pronounced KBank has begun some integrations between a FlowAccount use and a SME offerings, while it could heavily foster a use to a patron bottom — that embody a largest share of SMEs for any Thai bank.
SBI, meanwhile, has endless knowledge operative with SME-focused startups in a internal Japan, including freee. Chutinaton pronounced SBI’s impasse can assistance primary FlowAccount for vast appropriation rounds and an general pull when a time is right.
For now his idea is to assistance SMEs in Thailand, and a wider Southeast Asia area, move a advantages of a internet and a cloud to their operations.
“Local players building internal solutions for countries is unequivocally valuable,” he explained, observant that many tellurian services aren’t matched to tiny businesses handling in Southeast Asia. “It might not interest to a tellurian assembly though it impacts internal people and that’s value doing.”
“Adoption for Saas on a subscription use basement is still unequivocally new here and we’re assisting companies take that step from estimate information offline to doing it online. We consider that getting people to start doing their accounting online can unequivocally assistance a country,” he added