Piggipo, a two-year-old Thai company selling credit card management applications, has set a goal of raising series-A funding by the end of 2016 before actively exploring Southeast Asia in 2017. The app allows you to place a ‘limit spending’ on all of your credit cards, keeps track on what you’re spending, whilst also managing your bills and interests in one place. The app is a winner of Dtac Accelerate Batch 2 online application competition and received financial funding from Dtac, Golden Gate Venture and 500 Tuk Tuks.
Piggipo allows people to better manage credit cards by allowing them to jot down their credit card spending details in an app. The premium feature costs $1.99 (THB 70).
The app supports three credit card issuers, SCB, KBank and Citibank. By the end of this year, the company plans to have two more banks and 500,000 downloads, up from about 170,000 downloads now.
With the target of raising over $1.5 million at the end of 2016, Piggipo’s next aim is penetrating other Southeast Asian markets prioritizing Malaysia and Singapore due to the countries’ high credit card penetration. Piggipo has already struck a partnership with Maybank to launch “Credit Mavin” app in Malaysia under the same concept as Piggipo but with an international market model.
Piggipo will be able to leverage Malaysia’s high credit card spending, two times bigger than Thailand, despite having half the population. In Thailand, there is also an increasing use of digital money and electronic payments, creating a large enough platform to facilitate the app.
A version of this appeared in The Nation on June 29. Read the full article here.