ThitsaWorks
ThitsaWorks is a Singapore-based fintech that builds open-source payment, core banking, credit analytics, and financial literacy platforms to enable financial institutions in developing economies to serve unbanked and underbanked populations across Asia and Africa.
- Company typePrivate
- Founded2016
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What ThitsaWorks does
ThitsaWorks Pte. Ltd. is a Singapore-incorporated fintech founded in 2016 by Nyi Nyein Aye that builds digital infrastructure to drive financial inclusion for unbanked and underbanked populations in developing economies. Its portfolio is organised around three pillars: Accelerate (digital transformation of financial services, including core banking deployment via Mifos X and Musoni partnerships), Connect (payment and credit intelligence platforms), and Empower (digital financial literacy and personal finance tools). Core products include ThitsaX, an inclusive financial ecosystem platform that integrates payments across financial institutions, wallets, and payment networks; WynePay, a participant-governed interoperable real-time payment switch for MFIs and digital payment providers; MCIX, a credit data-sharing platform operated with the Myanmar Microfinance Association; an Embedded Finance API layer for MFIs; the Re21 Budget Planner consumer app; and Money Management Academy (now rebranded as BetterNext), a digital financial literacy platform. The technology stack is built on open-source foundations including Mojaloop for real-time payments, Interledger Protocol for cross-ledger transfers, and Mifos X for cloud-based core banking.
The company operates a B2B enterprise model, selling custom-implementation engagements, recurring platform licences, integration services, and data/analytics offerings to microfinance institutions, digital payment providers, banks, and central banks. Pricing is quote-based on annual billing with no public tiers disclosed. Distribution combines direct enterprise field sales with system-integration partnerships (notably Nirvasoft for SAP S/4HANA integration) and open-source community channels through Mojaloop, Mifos, and Interledger. The firm maintains a Singapore headquarters and a Yangon, Myanmar office, with team members distributed across the United States, Australia, Thailand, Singapore, and Malaysia; headcount is reported in the 11-50 range. Geographic footprint spans Southeast Asia (Singapore, Myanmar, Thailand, Malaysia) and is expanding into West Africa (Liberia, Guinea) and East Africa (Rwanda), supported by partnerships with the Mojaloop Foundation, AfricaNenda Foundation, DSIK, LIFT, and UNCDF. Notable operational scale includes 80+ financial institution partners, 755K borrowers served through partners, 1.5M credit reports analysed via MCIX, and 3.0M individuals receiving digital financial literacy training. The company achieved ISO/IEC 27001:2022 certification in August 2025 and was named WSIS Prizes 2025 Champion by the ITU.
ThitsaWorks firmographics
Firmographics- Name
- ThitsaWorks
- Legal name
- ThitsaWorks Pte. Ltd.
- Website
- https://thitsaworks.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- ThitsaWorks is a Singapore-based fintech that builds open-source payment, core banking, credit analytics, and financial literacy platforms to enable financial institutions in developing economies to serve unbanked and underbanked populations across Asia and Africa.
- Ownership category
- akta.pro rank
ThitsaWorks industry classification
Industry- Product category
- Financial Inclusion Technology
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Services-Prepackaged Software (7372), Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)
- akta.pro secondary industry
- Lending & Credit Disbursements (FSAMAKAH)
Keywords
Where ThitsaWorks is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices2 records
Markets served
ThitsaWorks business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Technology Services and Solutions: ThitsaWorks provides technology services including core banking systems, payment solutions, and digital transformation services to financial institutions. Revenue is generated through project-based implementation, licensing, and ongoing support services.
- Platform Licensing and Integration: Revenue from licensing ThitsaX, WynePay, and other proprietary platforms to financial institutions, with integration and customization fees.
- Data and Analytics Services: Credit intelligence and data analytics services through MCIX platform to help financial institutions manage credit risks.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Custom enterprise pricing based on institution size and requirements |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
ThitsaWorks product offering
Product offeringCore offering
ThitsaWorks develops and licenses digital financial technology platforms for microfinance institutions, digital payment providers, and banks in developing economies across Asia and Africa. Its product portfolio includes ThitsaX (payment integration platform), WynePay (interoperable real-time payment switch), MCIX (credit information exchange), Embedded Finance APIs, and digital financial literacy tools, built on open-source foundations including Mojaloop, Interledger Protocol, and Mifos X.
Product overview
ThitsaWorks is a FinTech company providing a comprehensive suite of interconnected digital financial solutions designed to accelerate financial inclusion for the unbanked and underbanked in developing economies. The product portfolio centers on three core pillars: Accelerate (digital transformation of financial services), Connect (payment solutions and credit intelligence), and Empower (financial literacy and tools). Core products include ThitsaX, an inclusive financial ecosystem platform enabling payment integration across financial institutions; WynePay, an interoperable real-time payment switch for MFIs; and MCIX, a credit data-sharing platform for risk management. Supporting modules include the ThitsaX Payment Portal for DFSP payment processing, Embedded Finance for seamless MFI loan product integration, Re21 Budget Planner for individual financial coaching, and Money Management Academy/BetterNext for digital financial literacy education. The company also serves as a pioneering partner for Musoni and Mifos X open-source platforms in Myanmar, leveraging technologies including Mojaloop and Interledger Protocol.
Differentiator
Problem solved
Functional benefit
Brands
- Money Management Academy (MMA): Online learning platform for financial literacy, now evolved into BetterNext, focusing on youth financial education.
- BetterNext
- WynePay
- ThitsaX
- Re21
- MCIX
Products and services
- ThitsaX An inclusive financial ecosystem platform that enables financial institutions to integrate payments easily and securely, bridging the gap between systems with or without core banking capabilities for seamless connections between financial institutions, wallets, and payment networks.
- WynePay A participant-governed, shared, and open platform serving as an interoperable real-time payment switch for MFIs, digital payment providers, and their clients, primarily focused on facilitating payments for the underbanked population.
- ThitsaX Payment Portal A web-based platform for DFSPs to easily submit and receive payments for MFIs, eliminating manual processes like Excel spreadsheets and providing integration options for MFIs without publicly available APIs.
- Microfinance Credit Information Exchange (MCIX) A data-sharing platform operated in partnership with Myanmar Microfinance Association (MMFA) to share and exchange information between microfinance institutions for managing credit risks and protecting micro-borrowers from over-indebtedness.
- Embedded Finance Solution API-driven banking and payment services that allow MFIs to seamlessly incorporate new loan products without extensive customization, reducing costs and ensuring uninterrupted operations.
- Re21 Budget Planner A financial coach application that helps users develop better financial habits and resilience while educating them on sticking to budgets and achieving financial goals, aimed at financial independence.
- BetterNext (formerly Money Management Academy / MMA) An online learning platform with a mission to power financial inclusion, intended for training professionals in financial sectors as well as existing and potential clients, now evolved into BetterNext focusing on youth financial education.
- Digital Financial Literacy (DFL) Program A program designed to enhance the knowledge and skills of grassroots-level citizens in Myanmar in digital financial literacy, promoting financial inclusion by providing essential knowledge to confidently access and utilize digital financial services.
Quantifiable outcome
- 80+ financial institutions served
- +4 more outcomes
Companies that use ThitsaWorks
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
ThitsaWorks technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
ThitsaWorks partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, core and strategic.
- Parami UniversityminorPartnership to expand career development opportunities for Parami University students from diverse backgrounds. Collaboration with university's Career Development Center to bridge education and professional career paths.
- Mojaloop FoundationcoreStrategic partnership for deploying Mojaloop open-source real-time payment systems. ThitsaWorks delivers technology modules across various use cases including hub operations and remittances. Team members serve in Mojaloop governance bodies (Community Council, Design Authority, Product Council). Supported Liberia's Inclusive Instant Payments System (IIPS) deployment.
- AfricaNenda FoundationcoreCollaboration to support the development and deployment of instant payment systems in Africa. Partnered on Liberia's Inclusive Instant Payments System (IIPS) alongside Mojaloop Foundation.
- Nirvasoft Pte. Ltd.strategicStrategic partnership signed at Singapore FinTech Festival 2024 to deliver innovative digital solutions. Focus areas include business development, system integration (Nirvasoft's SAP S/4HANA Cloud with ThitsaWorks' ThitsaX platform), and business analysis consulting.
- Myanmar Microfinance Association (MMFA)coreMOU to enhance growth and sustainability of Myanmar microfinance industry. Partnership operates MCIX (Microfinance Credit Information Exchange), a data sharing platform for credit risk management and preventing over-indebtedness.
- MusonicoreOfficial partner of Musoni in Myanmar. Musoni is the leading digitalization partner for microfinance institutions worldwide, providing solutions for efficiency, cost reduction, and growth with digital applications and open APIs.
- Mifos InitiativecorePioneering partner in Myanmar for Mifos X, an open-source platform using cloud-based API-driven architecture to scale digital financial services to unbanked individuals. Contributes to the Mifos community.
- DSIK (German Sparkassenstiftung for International Cooperation)strategicDevelopment partner supporting Money Management Academy (MMA) and digital financial literacy initiatives. DSIK is the development-policy arm of Germany's Sparkassen-Finanzgruppe, providing continued support and guidance for financial inclusion programs.
- LIFT and UNCDFminorPartnership to deliver Digital Financial Literacy to farmers and women in rural areas, supporting financial inclusion for underserved communities.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
ThitsaWorks competitors and assessment
Company assessmentDirect peers
- Musoni: Musoni is a leading digitalization platform for microfinance institutions, with which ThitsaWorks has an official Myanmar partnership but which also competes directly for MFI digitization mandates across emerging markets.
- Mambu: Mambu provides a cloud-native core banking platform widely adopted by MFIs, digital banks, and fintechs in emerging markets, overlapping directly with ThitsaWorks' Mifos X-based core banking and embedded finance offerings.
- Onafriq (formerly MFS Africa): Onafriq operates a pan-African mobile money and cross-border payments network, comparable to ThitsaWorks' WynePay/ThitsaX real-time interoperable payment switch built on Mojaloop.
- Cellulant: Cellulant runs Africa's digital payments and financial inclusion infrastructure (e.g., Tingg), competing for the same central-bank and mobile money operator mandates that ThitsaWorks targets with Mojaloop-based deployments.
- Appzone: Appzone provides core banking and digital payment software for African banks and fintechs, overlapping with ThitsaWorks' core banking modernization and payment integration value proposition for financial institutions.
Emerging players
- Mifos Initiative: The Mifos Initiative stewards the open-source Mifos X platform that ThitsaWorks distributes and implements; they are simultaneously a partner and a competing open-source ecosystem for serving unbanked populations.
Regional players
- AfricaNenda Foundation: AfricaNenda is a partner of ThitsaWorks on Liberia's IIPS but is also a broader funder/incubator of instant payment systems across Africa, positioning it as both collaborator and adjacent influencer in the same ecosystem.
Broad incumbents
- Temenos: Temenos is a global incumbent core banking vendor increasingly targeting emerging-market MFIs and digital banks, competing with ThitsaWorks' Mifos-based core banking proposition at the upper end of the market.
- Flutterwave: Flutterwave is a large African payments infrastructure provider whose payment APIs and switching capabilities compete with ThitsaWorks' WynePay/ThitsaX for African fintech and MFI integrations.
Others
- Mojaloop Foundation: Mojaloop Foundation provides the open-source real-time payment platform that ThitsaWorks builds services around; it is a strategic partner but also an upstream ecosystem that could route implementations directly via other implementers.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
ThitsaWorks social profiles
Digital presenceThitsaWorks compliance and trust
Trust signalCompliance1 record
ThitsaWorks financial estimates
Financial estimateRevenue estimate
Valuation estimate
ThitsaWorks leadership team
Management profileNumber of profiles
Profiles13 records
ThitsaWorks funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ThitsaWorks M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ThitsaWorks
What does ThitsaWorks do?
ThitsaWorks develops and licenses digital financial technology platforms for microfinance institutions, digital payment providers, and banks in developing economies across Asia and Africa. Its product portfolio includes ThitsaX (payment integration platform), WynePay (interoperable real-time payment switch), MCIX (credit information exchange), Embedded Finance APIs, and digital financial literacy tools, built on open-source foundations including Mojaloop, Interledger Protocol, and Mifos X.
Is ThitsaWorks a public or private company?
ThitsaWorks is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was ThitsaWorks founded?
ThitsaWorks was founded in 2016. It employs 11 to 50 people.
Where is ThitsaWorks based?
ThitsaWorks is headquartered in Singapore, Singapore, in the Asia region.
How does ThitsaWorks make money?
Three revenue lines are on record. Technology Services and Solutions are the primary driver. The others are platform Licensing and Integration and data and Analytics Services.
Who are ThitsaWorks's main competitors?
Direct peers on record are Musoni, Mambu, Onafriq (formerly MFS Africa), Cellulant and Appzone. Mifos Initiative is listed as an emerging player. AfricaNenda Foundation is listed as a regional player. Broad incumbents are Temenos and Flutterwave. Mojaloop Foundation is listed as an others.
Does ThitsaWorks have an API?
No public API is recorded for ThitsaWorks.
What industry is ThitsaWorks in?
ThitsaWorks's product category is Financial Inclusion Technology. Its primary akta.pro industry code is FSAGABAN, Payouts, Disbursements & Mass Payments Infrastructure, with a secondary code of FSAMAKAH, Lending & Credit Disbursements. Its NAICS code is 522320 and its SIC code is 7372.