Stranded in a Thai night market ultimately sparks a $4.7 million startup venture

In an effort to revolutionise the travel industry, Australian fintech startup WAIWIN has announced a Series A fundraising round of $4.7 million. The funds will be used to deepen regulatory compliance and expand engineering capacity, with the ultimate goal of making local QR-code payment systems accessible to international travellers.

Co-founded by George Lipinski and Lili Wang, WAIWIN aims to become the go-to cross-border payment layer that connects travellers directly to local QR-code payment systems like Thailand's PromptPay, which are inaccessible to foreigners. This move is expected to eliminate the need for travellers to rely on cash withdrawals, with ATM fees rising in countries like Thailand.

WAIWIN's model combines technology with a community-powered network, using international money transfer platforms like Wise, Revolut, Remitly, or PayPal. At checkout, travellers scan a vendor's PromptPay QR code, and a network of more than 400 'Thai Trusted Locals' accepts the transaction and is reimbursed through WAIWIN, earning a commission in the process.

The startup, which was founded by Nawat Itsaragrisil, has already reported more than 3,000 users from over 70 countries. A viral Instagram Reel by a Russian traveller describing her experience with the app generated over 800,000 views. Hundreds of new signups are being made each day.

Before the pandemic, Thailand welcomed around 37 million international visitors annually, and Bangkok was consistently ranked the world's most visited city. With the travel industry gradually recovering, WAIWIN plans to enter new markets including India, Vietnam, Malaysia, the Philippines, Mongolia, and Kenya.

The Thai government reportedly brings in about US$500 million in revenue from ATM fees each year. By providing a solution to this issue, WAIWIN aims to allow travellers to live like locals from the moment they arrive, as locals already live in a cashless and cardless economy.

WAIWIN's goal is to eventually eliminate the need for travellers to carry cash altogether. This move is expected to not only benefit travellers but also local vendors who will no longer need to invest in costly ATM machines.

The Series A raise will also be used to strengthen WAIWIN's presence in existing markets. The company is already operational in Thailand and has partnered with Kasikornbank, one of Thailand's largest banks. However, Kasikornbank now charges foreigners 250 Baht (around A$12) per withdrawal.

With the funds raised, WAIWIN plans to expand its services to more banks and financial institutions, making its QR payment system more accessible to a wider audience. The startup's ultimate vision is to make travel more seamless and convenient for everyone involved.

Stranded in a Thai night market ultimately sparks a $4.7 million startup venture