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. 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.”
“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. The VC sees an opportunity to “invest early and often” in the next generation of Thai-based entrepreneurs.