Thailand's Kasikorn Bank launches $29m fintech fund

The new fund is meant to give the bank exposure to technological advances that can support its businesses, according to a statement. Southeast Asia is Beacon’s primary investment target, but Europe and China will be considered as well.

Beacon plans to back three to five start-ups per year and to invest in up to three other VC funds. It has already made its first LP commitment, backing the debut VC vehicle of Singapore-based Dymon Asia Capital, which reached a first close of $20 million earlier this year. It has also invested in Thai accounting system developer FlowAccount.

Kasikorn contributed 100% of the capital for the fund. Beacon will commit up to $3 million to each start-up, seeking companies in the seed to Series A stages, and will reserve some capital for follow-on rounds. Portfolio companies will have access to Kasikorn’s customers to advertise their products, along with the bank’s mobile banking and fintech arm Kasikorn Bank Technology Group.

Several other Thai banks have already created fintech-focused investment schemes aimed both at helping domestic start-ups and developing technology for use by the banks themselves. Last year Siam Commercial Bank launched its VC arm Digital Ventures, which has supported the funds of Dymon and Golden Gate Ventures. Bangkok Bank also manages a VC arm, Bualuang Ventures, and earlier this year launched an accelerator co-managed by Hong Kong's Nest.

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• Topics
• Southeast Asia
• Financials
• Cleantech
• Fundraising
• Venture
• Thailand
• Financial Services
• Venture