MONIX Co. Ltd, a Thai based AI-driven digital lending platform, has announced the successful completion of its pre-initial public offering (IPO) fundraising, securing $20 million in the first close. The investment was led by SCBX and new investor Lombard Asia, Southeast Asia’s growth-focused private equity manager, showcasing MONIX’s strong growth in micro-finance lending as it works towards an IPO.
With the latest funds raised, MONIX’s aggregate funding has reached $40 million, providing the company with the resources to accelerate its growth in digital lending and financial product offerings, as well as enhance financial inclusion for Thai citizens.
MONIX was established in 2020 as a joint venture between SCBX Group and China’s Abakus Group, with the goal of providing unsecured digital lending solutions for the underbanked population in Thailand. The company offers the FINNIX app, which uses AI and alternative data to provide instant money loans in just five minutes without requiring any paper documents or guarantors.
In 2022, MONIX recorded $458 million in loan disbursements to over 650,000 users, demonstrating the company’s strong performance, even in the face of challenging economic conditions.
SCBX and Lombard Asia are confident in the long-term prospects of MONIX, with both companies committed to supporting the company’s growth and success, including its preparations for an upcoming IPO. Lombard Asia’s Managing Director Ekaluck Wangchucherdkul views MONIX as a market leader in an exciting and fast-growing business and is eager to partner with the company’s management team to accelerate its growth strategy and work towards a successful IPO.
MONIX aims to make FINNIX the top financial application in Southeast Asia and become the best financial friend to its users. With the latest investment and continued support from its partners, the company is well-positioned to achieve its goals and make a positive impact by providing access to high-quality financial services to the underserved.
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