- Seven-figure sum raised
- SCB 10X to help strengthen theAsianparent’s stronghold in Thailand
Singapore, 24th November 2020 – theAsianparent, Southeast Asia’s largest parenting community platform with a monthly network reach of over 30 million users, has announced that it has closed funding from SCB 10X Co., Ltd (“SCB 10X”), which is a holding company under Siam Commercial Bank Public Company Limited (“SCB”).
SCB 10X joins other investors including Fosun International, JD.com, Vertex Ventures, ATM Capital, Redbadge Pacific, Mirae Asset Financial Group and NAVER Corporation as a final close for theAsianparent’s Series C round.
Coming onboard as a strategic investor, SCB 10X and SCB will work together with theAsianparent to improve financial literacy amongst young families in Thailand. This includes but is not limited to the provision of curated financial information and analysis that will assist parents to make informed decisions concerning household financial matters such as children education and rainy-day funds for emergencies.
Based on the Thailand Board of Investment, the majority of Thailand’s workforce – 38.05 million as of August 2020 – is under the age of 35.1 This presents a great opportunity in the form of a big population of young parents and families who are increasingly more digitally and financially literate.
“We are delighted to form this strategic partnership and invest in theAsianparent. We are always looking to create value with partners with proven business and technologies, and theAsianparent is one of the top players in the health and wellness space. With young families as one of our growing target audiences, we anticipate creating value with theAsianparent as it continues to expand its parenting business in Thailand and the rest of Southeast Asia,” said Pitiporn Phanaphat, Chief Business Development and Financial Officer of SCB 10X.
“We are honoured to have SCB 10X as an investor and to support our growth in Thailand, one of the most important markets for us. Having achieved market leadership in Thailand in 2018, and since rolled out next generation innovation to our community such the Mama’s Choice direct-to-consumer brand of products, we are excited to work hand-in-hand with SCB 10X on financial innovation for young parents, ” said Roshni Mahtani, Founder and Group CEO of theAsianparent.