MONIX, a Bangkok-based AI-powered digital lending platform, announced that it has secured US$20 million in the first close of its pre-IPO fundraising. The new funds raised brings its total funds raised to US$40 million.

The investment was led by Siam Commercial Bank’s SCBX and a new investor Lombard Asia, a Southeast Asia’s growth-focused private equity manager.

MONIX is a joint venture fintech startup between SCBX Group and China’s fintech unicorn Abakus Group that was established in 2020.

According to a statement by MONIX, the company has recorded US$ 458 million in loan disbursements to over 650,000 users as of 2022.

MONIX’s AI-driven FINNIX application is able to disburse funds in 5 minutes using only alternative data and does not require any paper documents or guarantors.

Qinbin Fan, Chief Executive Officer, and Thiranun Arunwattanakul, Chief Operating Officer of MONIX said,

“We are extremely delighted to welcome our new partner to jointly create better opportunities for underserved people. The new equity we have secured shows the confidence that SCBX and Lombard Asia have in our vision and market-leading position.

We are dedicated to continuously delivering inclusive financial products and services across our platform by advancing the power of unrivaled and cutting-edge artificial intelligence and machine learning technology.”

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Source: https://fintechnews.sg/69619/thailand/thai-lender-monix-raises-us20-million-ahead-of-ipo-plans/