Thailand’s Jitta raises $6.5M to develop an algorithm-powered wealth fund

By Jon Russell

Jitta, a Bangkok-based fintech startup, has announced a $6.5 million Series A round as it prepares to launch an investment fund for consumers in what would be a first for the Thai market.

The deal is one of the largest Series A in Thailand for some time and it was led by Beacon Venture Capital, the $30 million fund attached to Thailand’s Kasikorn Bank. Beacon picked up the majority of the capital but an existing angel investor, whose identity was not disclosed, also took part. Kasikorn and Jitta are not actively collaborating at this point, but there is obviously the potential to do so in the future.

Founded in 2014, Jitta has developed a proprietary algorithm that helps to identify investment options on a range of stock markets that include the U.S., Thailand and other parts of Asia. The company started out offering a freemium intelligence product that allowed professional, or at least serious, investors tap its technology to find undervalued stocks or investments that are poised for growth.

To do that, it uses an algorithm that analyses a range of factors that include earnings reports and business analysis to create a …read more

Source:: Tech Crunch Funding and Exits

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