T2P, creators of the e-Wallet App DeepPocket, has received $1.1 million in funding led by Dave McClure’s 500 startups. The funding round also saw participation from Bechnachinda Holding. Â T2P is based in Thailand and the additional capital will be leveraged to expand their services beyond Thailand and into other ASEAN countries.
Co-founder of T2P, Natwut Amornvivat speaking to DealStreetAsia, said few people in Thailand use an e-wallet type service today. Yet 53% of the Thai population owns a smartphone but less than a third actually have a bank account. “The Thai market, therefore has big room for us to grow.”
Interestingly this is said to be 500 Startups first investment into a Thai startup. McClure was quoted in the same article;
“We are the most active investors in the fin-tech industry and T2P is our first Thai investment in this field.”
The investment from McClure was done via their 500 TukTuks – a $10 million micro fund. Â The VC sees an opportunity to “invest early and often” in the next generation of Thai-based entrepreneurs.