Name

XSpring Capital

Legal name

XSpring Capital Public Company Limited (บริษัท เอ็กซ์สปริง แคปปิตอล จำกัด (มหาชน))

Website

https://xspringcapital.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Interest and Dividend Income: Primary revenue stream from interest income on loans and debt financing, plus dividend income from equity investments. In 2023, this generated 505.7 million baht out of total revenue of 681.1 million baht.
2. Fee and Service Income: Revenue from asset management, brokerage services, investment advisory, and corporate services including M&A advisory, IPO underwriting, and digital token offerings (ICO)
3. Investment Income: Gains from investment portfolio including debt and equity instruments, unit trusts, and investments in high-potential businesses in Fintech, Customer-Centric, and ESG sectors
4. Securities Brokerage: Commission income from securities and digital asset brokerage services through Krungthai XSpring Securities (49.71% owned subsidiary)

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

XSpring Capital is a holding company that delivers an integrated financial services ecosystem through its subsidiaries, including investment banking (M&A advisory, IPO underwriting, debt issuance, and ICO advisory), securities and digital asset brokerage via Krungthai XSpring Securities and XSpring Digital, asset and wealth management through XSpring Asset Management, debt financing to high-potential companies, and distressed asset management via XSpring AMC. The XSpring mobile app launched in March 2024 serves as the digital gateway unifying these services for retail, HNW, and corporate clients in Thailand.

Product overview

XSpring Capital operates as a fully integrated financial services group with a multi-brand portfolio architecture. The core parent company XSpring Capital (XPG) provides the overarching structure, while specialized subsidiaries deliver distinct services: XSpring Asset Management handles investment products and fund management, XSpring Digital powers digital brokerage and digital asset services, XSpring AMC manages distressed assets and NPAs, and Krungthai XSpring Securities provides traditional securities brokerage. The group is unified by the XSpring App mobile platform which aggregates investment access across all business lines, serving as the digital gateway for customers seeking comprehensive financial services from traditional securities to digital assets.

Differentiator

Problem solved

Functional benefit

Brands

• XSpring Asset Management: Asset management company offering investment products from 16 partner asset management companies and various funds including private equity funds and real estate investment trust funds
• XSpring Digital
• XSpring AMC
• Krungthai XSpring Securities

Products and services

• XSpring Capital (XPG) — Integrated Financial Services Holding Parent public company offering an integrated financial services ecosystem covering investment banking, securities brokerage, asset management, digital asset services, debt financing, and distressed asset management through its subsidiaries. For corporate, HNW, and retail investors in Thailand.
• XSpring Asset Management Asset management company offering mutual funds, private equity funds, and real estate investment trust (REIT) funds, including investment products sourced from 16 partner asset management companies. For retail and HNW investors in Thailand.
• XSpring Digital Digital financial services platform providing digital investment services and brokerage for securities and digital assets, with trading functionality at trade.xspringdigital.com. For retail investors seeking digital asset and securities brokerage access.
• XSpring AMC (Asset Management Company) Distressed asset management business that acquires and manages non-performing assets (NPAs), focusing on secured debt with real estate collateral. Originally established as Lumphini Asset Management on March 16, 2016 and renamed XSpring AMC on June 9, 2021. For banks, financial institutions, and investors dealing with distressed real estate assets.
• Krungthai XSpring Securities Securities brokerage services provider offering equity trading, derivatives trading, and investment services, operated as a joint venture with Krungthai Bank. XSpring Capital holds a 49.71% stake. For retail and institutional investors.
• XSpring App Mobile application platform designed to enhance convenience and elevate the investment experience for investors at all levels, aggregating access to investment services across the XSpring group's business lines. For retail investors.

Quantifiable outcome

• 2024 revenue target of 1 billion baht representing 47% growth from 2023 (681.1 million baht)
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered minor and major.

• ONE Championship ThailandminorGTM or Marketing Partner · 1 January 2024XSpring partnered with ONE Championship Thailand for the 'PLAY TO WIN' financial literacy project, targeting boxers and personnel in the boxing industry. The initiative aims to provide financial knowledge and planning skills while promoting the company's brand.
• Lumpinee Boxing Stadium / Army Sports Development CenterminorGTM or Marketing Partner · 1 January 2024XSpring collaborated with Lumpinee Boxing Stadium through the Army Sports Development Center for the 'PLAY TO WIN' financial literacy initiative, enhancing financial access for sports industry participants.
• SHARGE Management Co., Ltd.minorStrategic or Co-development Partner · 1 January 2023XSpring invested in SHARGE Management Co., Ltd., which operates charging stations under the REVERSHARGER brand. This investment aligns with XSpring's ESG strategy focusing on sustainability-related startups.
• ION Energy Co., Ltd.minorStrategic or Co-development Partner · 1 January 2023XSpring invested in ION Energy Co., Ltd., a solar power business founded by young entrepreneurs. This investment demonstrates XSpring's commitment to ESG and support for renewable energy startups.
• Plus Property Co., Ltd.majorStrategic or Co-development Partner · 1 January 2021Plus Property serves as the partner for managing non-performing asset (NPA) sales for XSpring AMC. As a leading integrated real estate management company, Plus Property provides expertise in property valuation, marketing, and sales of distressed real estate assets.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Asia Plus Securities: Thai securities firm providing brokerage, investment banking, and asset management. Comparable across XSpring's investment banking and asset management business lines, with similar mid-tier positioning in the Thai market.
• KGI Securities (Thailand): Thai securities firm offering brokerage, investment banking, and wealth management. Directly comparable in business mix (brokerage + IB + WM) and Thai market focus, making it the most direct listed peer for XSpring's securities and IB segments.
• Asset Plus (Thailand): Thai asset management company providing mutual funds and private funds. Direct peer for XSpring Asset Management, including its private equity and REIT product offerings.
• KASIKORN Securities (KSecurities): Securities arm of Kasikornbank, offering brokerage, investment banking, and derivatives. Comparable to XSpring's Krungthai XSpring Securities structure (bank-linked securities JV) and provides a benchmark for retail securities and wealth management scale.
• Finansia Syrus Securities: Mid-sized Thai securities brokerage and investment banking firm with a strong retail and institutional client base. Comparable to XSpring in its integrated securities and advisory model and Thai market positioning.
• Phillip Securities (Thailand): Thai securities brokerage and investment banking arm of Phillip Capital. Directly comparable to XSpring's retail brokerage and IB franchise, including a focus on multi-channel retail and digital access.
• Bualuang Securities: Securities arm of Bangkok Bank, one of Thailand's largest bank-linked brokers. Comparable to Krungthai XSpring Securities in distribution scale and to XSpring Capital's integrated group structure.
• DAOL Securities: Thai securities firm offering brokerage and investment banking, with growing digital capabilities. Comparable to XSpring's securities and digital platform strategy.
• One Asset Management: Thai asset management firm offering mutual funds and private funds, with an active retail and institutional distribution network. Direct peer for XSpring Asset Management's fund products and investor base.

Broad incumbents

• Krungthai Bank: One of Thailand's largest commercial banks and a 50.29% joint venture partner in Krungthai XSpring Securities. Relevant as a broad incumbent, channel partner, and distribution enabler for XSpring's brokerage and retail finance initiatives.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XSpring Capital