Thai startup Jitta raises US$6.5 million to empower wealth management
The money will be used for national and regional expansion plus hiring developers
Jitta, a wealth management startup from Thailand, has raised a US$6.5 million pre-Series A from Beacon VC, the corporate venture capital arm of Kasikornbank (KBANK).
The Jitta selling point is a propriety algorithm for stock analysis that it claims consistently outperforms the market. Jitta also says it has a steadily growing user base.
The money will be used to expand its services across Thailand and abroad. It will also be used to hire more developers with an eventual goal of integrating artificial intelligence into the platform.
““Additionally, we’re launching a new service called Jitta Wealth, a technology-based fund that uses the Jitta Ranking strategy and aims to provide index-beating returns in the long run. This long-term investment alternative will be operated by Jitta Wealth Asset Management, currently in the process of obtaining a private fund license from the Securities and Exchange Commission (SEC), and will tentatively begin operating in the second quarter of this year,” said Trawut Luangsomboon, the Co-founder and CEO of Jitta.
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The goal is to provide average people with “simple-yet-effective” investment solutions. This means getting 95 per cent of the global stock market onto the app. Currently the app covers stock markets in 16 countries.
Jitta claims to have over US$70 million worth of assets being managed using its Jitta Ranking strategy.
This marks the sixth investment for Beacon VC; companies in the portfolio include Grab, FlowAccount.com, Event Pop, Ookbee, InstaRem and now Jitta.
“Jitta is one of the very few Thai startups with a highly scalable product, meaning it can launch and solve the same problem in any foreign market in a very quick and efficient manner. We believe this local startup star has all the potential to bring about an investment phenomenon that hugely benefits the society as well as putting Thailand’s startup community on the world’s center stage,” said Beacon Managing Director Thanapong Na Ranong.
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The Thailand investment ecosystem is small but growing. A report from BCG Global Asset Management said the country has about US$190 billion worth of Assets Under Management (compared to US$79.2 trillion globally). However, the Thai market is growing at 7.6 per cent per annum.
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Photo by Ryan Tang on Unsplash
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