Digital Ventures, the fintech investment arm of Siam Commercial Bank (SCB), is planning to supply an undisclosed amount for a fund raised by venture capital and advisory firm Nyca Partners, DealStreetAsia has reported.
Nyca Fund II is the latest fund to be raised by its US-based parent firm, which aims to invest $25m per year in financial and payment technology developers.
Digital Ventures is the only Thailand-based investor among the fund’s 10 institutional limited partners, and the investment represents the former’s first move into the US market. SCB is expected to increase its involvement in US-based fintech startups at an early stage.
Thana Thienachariya, chairman of Thailand-based Digital Ventures’ executive committee, said: “The US is a large fintech startup market with approximately $13bn investment every year.
“Coupled with the country’s innovation capability, it is important for us to have a strong presence in this market.”
Digital Ventures was launched in 2016 with an initial fund of $50m. In addition to providing financing to early-stage companies, it was one of the LPs for the $60m fund closed by Singapore-based VC firm Golden Gate Ventures in June 2016.