Crowdfunding industry sees steep contraction in first half

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 nonperforming loans (NPLs), according to crowdfunding provider Investree.

- NUNTAWUN POLKUAMDEE

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.