A B2B fintech startup, it helps financial institutions provide individuals with access to financial education and information, besides capital
ThitsaWorks, a fintech startup in Myanmar, has received an undisclosed minority investment from early-stage VC firm BOD Tech Ventures.
The Yangon-headquartered startup will use the funds to further scale its operations and achieve its larger goal of furthering financial inclusion in the country.
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Founded in 2016 by Nyi Nyein Aye (CEO) and Thynn T. Win (CTO), ThitsaWorks provides tech solutions for large and small financial institutions to collect, manage and analyse data needed to run effective operations and to manage risks.
ThitsaWorks provides individuals with access to financial education, financial information and capital. It helps financial institutions digitise their operations, access consumer insights and credit analytics of unbanked population.
The company manages a financial inclusion chatbot, Pite Pite, to provides digital financial literacy and lead generation services for financial institutions.
The fintech venture claims its solutions are being used in 70 financial institutions, including banks, non-bank financial institutions and micro-finance institutions in Myanmar and its services currently benefit over 2.5 million borrowers.
With this new investment, ThitsaWorks will continue its work with financial institutions to provide access to credit for the remaining millions of families in Myanmar that are still in need of micro-finance solutions.
Also Read: How fintech is disrupting the Southeast Asian payments market
John Kaaiohelo, CEO and Chief Investment Officer of BOD Tech Ventures, said: “We believe that ThitsaWorks will accelerate the digital transformation of Myanmar’s financial sector, and are convinced that our investment will further Financial Inclusion in Myanmar’s local communities.”
“We believe that digital transformation will help MFIs operate efficiently and effectively, particularly under the current environment brought on by COVID-19,” added Aye, CEO of ThitsaWorks.
Founded in 2016, BOD Tech Ventures is an investor and operator of early-stage tech-enabled companies in Myanmar, Bangladesh, Vietnam, and Cambodia. So far BOD Tech has invested in Hercules (logistics), Flymya (online travel agency), Get (B2B wallet), YangonD2D (food delivery), and mmbusticket (bus ticketing), among others.
Image Credit: ThitsaWorks
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