The ChomCHOB team with InVent
ChomCHOB, a point exchange platform in Thailand, has raised THB50 million (US$1.6 million) in funding from venture capital firm InVent in a Series A funding round, according to a press statement.
The fresh funding will be used for product enhancement, platform growth, hiring and marketing.
The company has stated that it aims to become the number one point exchange platform in Southeast Asia by 2025.
ChomCHOB is an application that collects points from credit and debit cards. Users have the option to convert all of their credit and debit card points into ChomChob reward points, which allows them to purchase different kinds of products and services.
Currently, the platform has over 500,000 merchants and claims to have about two million user downloads. Some of its top partners include global fast-food chain McDonald’s.
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“ChomCHOB can tackle a large problem in the market that is unused loyalty points with over 47 billion points rewarded every year. With the founding team’s experience, we believe they solve this problem at scale and even expand to offer customers even more services to tackle adjacent issues such as investment,” Pahrada Sappasert, Director of 500 Tuktuks, said.
“We see ChomCHOB as the first point loyalty revolution with over two million user downloads. It transforms the silo-based loyalty points to increase point liquidity in loyalty schemes by allowing customers to earn and redeem points freely across different rewards programmes, which creates an interlinked and digitalized point ecosystems,” Dr Narongpon Boonsongpaisan, Head of InVent, added.
The main source of the company’s revenue is mobile advertising and commission where users redeem points by purchasing products from their partners.
Loyalty exchange platforms continue to remain popular in Southeast Asia, according to a Medium post by TEE Coin.
“The numbers vary slightly by country, with Vietnam and Thailand leading the pack at 92–94 per cent of respondents. Malaysia, the Philippines, Singapore, and Indonesia followed in with all of them registering above the 86 per cent mark. That’s well above the world average of 84 per cent of respondents agreeing that loyalty programmes make them more enticed to stick with a retailer,” it wrote.
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Image Credit: ChomCHOB
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