Krungsri Finnovate and RISE, great minds think alike.
Hi there friends of RISE,
Since we opened our door in 2016, RISE has come a long way. Specifically, our Acceleration pillar has finished 4 batches of 3 different programs. This is thanks to our hard-working team, and partners who believed in our vision.
To celebrate the official launch of Krungsri RISE Batch 3 next month, we would like to talk more about Krungsri Finnovate, the one that accompanied us through our first acceleration program.
Finance + Innovation = Krungsri Finnovate
Opened in March 2017, Krungsri Finnovate—the corporate venture arm of Krungsri Bank—works to fasten the wheel of innovation. This trend of banks starting a venture arm is hardly new all over the world with big banks such as Citigroup, Goldman Sachs, HSBC already on the bandwagon.
Then how does Krungsri Finnovate stands out? Especially as time goes on, even more banks are subscribing to this practice. The answer lies in their commitment to foster innovation from the most nascent stage, supporting entrepreneur through most common pitfalls, and even up until Series A or B investment. Which is why Krungsri Finnovate bided their time to design different support programs:
- Krungsri Corporate Venture Capital:
Finnovate’s Started by Krungsri Bank, this is Krungsri Finnovate’s bread and butter. Their investment portfolio includes:
– Finnomena, a platform for investment knowledge and investment hybrid robo-advisory: lead Series A with Benchachinda Holdings.
– Omise, an online payment gateway offering a wide range of processing solutions for any business need: participated in Series B.
– Baania, Thailand’s leading online marketplace for residential properties: Lead Series B with PTT and SCG.
- Startup Project Management:
Branded as synergy projects, Krungsri Finnovate partners with startups to strengthen their business, taking no consultation fee or equity. But in return, they home in on new technologies to better their own businesses and internal operations. So far, 14 mutually beneficial partnerships have been formed, including Omise, Baania and Finnomena. Some outstanding partners are:– Stock Radars: All in one stock analytic and trading platform.
– Lenddo: A Hong Kong technology company that uses non-traditional data to provide credit scoring and verification.
– Wongnai: Means “insider” in Thai, is the Thai version of Yelp.
– iTAX: Income tax preparation program that helps taxpayers get tax done right with the biggest refund.
– OOCA: A web-based platform to connect people to professional counselors.
- Krungsri Uni Startup:
Inspired by the start early, succeed early mentality (in Krungsri’s case, innovate early), Krungsri Uni Startup targets undergrad students with creative ideas all around Thailand. Launched in 2015, the program has worked with well-known universities such as King Mongkut’s Institute of Technology Ladkrabang and Assumption University.Participants go through a full month boot camp covering fundamental startup know-hows like Lean Canvas, MVP development and pitching practices.Young, bright, enthusiastic, free of obligations, these students tick many boxes, but they need discipline and exposure to best practices. Which the program offers through their network of industry experts and investors ready to support new hopeful businesses and team.
And Krungsri RISE came into the picture
Krungsri Finnovate has an ambitious goal of creating $30 million value by the end of 2019 in Thailand. And they knew to achieve that, they have to be more involved in the process of innovation creation. That overlaps with RISE’s vision of delivering 1% of GDP growth (~$4 Billion) and creating 1 million jobs in Thailand. These two goals align perfectly and lay the foundation for our partnership—Krungsri RISE acceleration program.
The program was launched in June 2016, taking in 15 startups providing Big Data, FinTech and InsurTech solutions for the first batch. We take no equity and are open to startups at every stage. While there is no initial capital investment, portfolio startups are encouraged to join the regularly-organized Pitch & Plug program—where they have to compete with one another and wildcard startups outside of the program in an intense pitching competition. Pitch & Plug is the chance for startups outside of the program to showcase their products that are relevant to Krungsri Bank’s business units, with prospect of future collaborations.
Upon completing the program, our startups are connected to international opportunities in Asia, North America, and Europe and guided to expand their business by Krungsri Bank—Krungsri Finnovate’s parent company.
The biggest value our program brings is our mentor network, that originally brought executives from Krungsri Bank to help startups expand their core business. This network has since grown to include experts in every domain necessary to the operations of startups. We are proud of the long-lasting mentorships we have helped establish during the first two years of Krungsri RISE, and we do not plan to stop anytime soon!
Some post Krungsri RISE achievements:
- Finnomena, a platform offering securities and investment management services by hybrid robo-advisory, had their Series A led by Krungsri Finnovate, Benchachinda and 500TukTuks. They were expected to reach assets under advisement (AUA) of 5,300 million THB ($153 million) within the 1st half of 2018.
- Baania, Thailand’s leading online marketplace for residential properties: lead Series A by Krungsri Finnovate, PTT and SCG, expected to have 35 million THB in revenue this year. They are planning to raise Series B soon.
- ChomCHOB, a platform that allows reward points to be redeemed as products or services. They came are last reported to have received $500,000 seed investment from 500 TukTuks and angel investors, with monthly revenue at $14,000.
- Refinn is an online platform for financing aggregators. They are also invested by 500 TukTuks at 30 million THB ($903,315), and reached 8 million THB ($240,884) in revenue last year.
- AVA employs AI to give real-time advice on the stock market. They reach 20 million THB ($602,183) revenue in 2017 with total investment valued at 100 million THB ($3,010,915).
- QueQ’s vision is to hack the way of urban living to make a better place for living. Started from queuing problem. They have quickly gone from bootstrapping to making 1 million THB ($30,102) monthly.
- Zipevent is a data-driven event marketing and management platform. They have reached monthly revenue at 1.2 million THB ($36,130) while remaining self-funded.
- AppMan digitalizes insurance sales process. They are among the first that came to the program, during their seed stage. Now, they are making over 49 million THB ($1,475,348) yearly with total funding at $8 million.
- AIYA makes CRM/HRM Chatbot for Business, sitting at 100,000 THB ($3,010) monthly revenue with total funding at 2 million THB ($60,218).
- PeakEngine is an online champion of accounting that makes accounting faster and more fun. They capped of 2017 with 3 million THB ($90,327) in revenue and $500,000 in total investment.
- Horganice creates a system to manage apartment and dormitory accommodation, as well as processing payment. In 2017 they made 900,000 THB ($27,098) worth of revenue on an undisclosed amount of angel investment.
- Last but not least is JabJai. They built a digital school management platform while also connects schools, parents and teachers. They made 3 million THB ($90,327) last year, and is planning to raise 10 million THB ($301,091) for their series A.