Thailand’s crowdfunding industry faced a steep contraction in the first half of 2025, with fundraising volumes plunging 60% year-on-year to 733 million baht, amid tightening liquidity and rising non-performing loans (NPLs), according to crowdfunding provider Investree.
The number of licensed crowdfunding platforms has also fallen, from five providers last year to four, reflecting tighter conditions and growing pressure on small businesses.
For the whole of 2025, the fundraising amount is now projected at only 1.7 billion baht, down sharply from 4.36 billion baht in 2024.
Small and medium enterprises (SMEs) were the hardest hit, grappling with shrinking liquidity, rising NPLs and stricter lending standards from banks. Alternative financing options remain limited, while structural gaps persist in Thailand’s startup ecosystem, such as the lack of income tax exemptions for early-stage businesses or tax incentives for investors.
Despite these challenges, Investree has emerged as a leading force in alternative finance. Since its launch four years ago, the platform has facilitated more than 4.2 billion baht in funding through over 2,000 deals, supporting 120 SMEs.
In July, Investree achieved a regulatory milestone as the first crowdfunding provider in Thailand to secure a debt representative licence, a move that reinforces investor confidence and strengthens governance in the SME bond market.
Chief executive Natsuda Bhukkanasut said the approval reflects strong demand for accessible financing solutions. The licence authorises Investree to act on behalf of bondholders in private SME debentures, providing greater transparency and investor protection.
“Crowdfunding is a financial infrastructure that enables high-potential SMEs to move forward in a timely manner,” she said.
Speed and efficiency are key advantages for crowdfunding. Deals on the platform typically close within one day, offering investors an average annual yield of 12%. However, that return varied by issuers, and all investments carry risks.
“Post-funding monitoring ensures that both issuers and investors operate with discipline,” she said.
Chief operating officer Worakorn Sirijinda called the debt representative licence a game-changer for risk management, allowing the company to act swiftly on behalf of bondholders.
The platform is now positioned to launch Thailand’s first Secured Crowdfunding Debentures, designed to reduce recovery risk and enhance investor confidence. Currently, 91% of matured debentures of Investree have been fully repaid, while the default rate stands at 2%, and recovery on defaults has reached 79%.
“This development will raise issuer discipline, strengthen market confidence and attract a wider investor base — from retail participants seeking alternative assets to institutional investors requiring a clear regulatory framework,” Mr Worakorn said.
At present, around 50–60 SMEs raise funds annually via Investree, mostly through short-term debentures with maturities of less than 90 days.
The platform’s investor base comprises more than 900 participants, ranging from high-net-worth individuals to retail investors.
Ms Natsuda called for the integration of alternative data into credit bureau systems, such as supply chain or digital transaction records, to help capable entrepreneurs without collateral access capital. Credit guarantee schemes should also be expanded to cover SME bonds, alongside tax incentives to stabilise long-term financing costs.
“Access to capital only creates value when entrepreneurs can use it effectively and manage risks,” she said, adding that future growth may depend on adopting advanced financial technologies.
For example, tokenisation of crowdfunding bonds via blockchain systems could lower investment thresholds, broaden investor participation and enhance risk diversification.
If trials succeed, the Securities and Exchange Commission is expected to authorise tokenised crowdfunding expansion by 2026.
Investree’s strategy is to scale up funding while raising governance standards through data-driven post-issuance monitoring.
“The SME capital market can only achieve sustainable growth when all stakeholders rely on shared data and trusted processes,” said Mr Worakorn.
