Thailand-based startup Jitta is looking at a possible global expansion after raising US$6.5 million in its pre-series A funding round lead by Beacon VC, the corporate venture capital arm of major Thai banking group Kasikornbank.
Jitta operates a stock-analysis platform that it claims simplifies financial analysis for investors and financial advisors. It was founded in January 2014 by Pornthip Kongchun, Sira Sujjinanont, and Trawut Luangsombon.
Jitta’s technology includes Jitta.com, a fundamental analysis platform covering stock markets in 16 countries with over 200,000 users in 128 countries, and Jitta Wealth, an automated stock investment platform that uses Jitta Ranking strategy to deliver higher returns at lower fees and risks.
“We develop technology to help people access highest-quality investment information so they can achieve better returns efficiently and effortlessly,” said Jitta CEO and co-founder Trawut Luangsomboon in an official statement.
Jitta says it will be hiring more developers to incorporate artificial intelligence into its technology and expand to Singapore and India this year.
Jitta’s funding and expansion plan come at a time when the value of global assets under management rose by 12% to US$79.2 trillion in 2017, up from US$71 trillion a year earlier, according to a BGC Global Asset Management Report 2018.
The lead investor in the funding round, Beacon VC, is a Thai-based venture fund with a portfolio of five startups in both Thailand and overseas. Its investment in Jitta marks the biggest pre-series A funding for a Thai startup to date.
“Beacon VC sees a lot of growth potential for wealth-management technology, or WealthTech, as it plays an increasingly important role amidst low-interest rates,” Beacon VC managing director Thanapong Na Ranong said in the statement.
Editor: Nadine Freischlad
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