G Capital Public Company Limited

What G Capital Public Company Limited does

G Capital Public Company Limited (GCAP) is a Thailand-based non-bank financial institution founded on August 18, 2004 and listed on the Stock Exchange of Thailand under ticker GCAP. Its core business is hire purchase financing for agricultural machinery — combine harvesters, corn harvesters, tractors (New Holland, ISEKI), and other equipment — extended through a dealer-embedded distribution model in which sales agents are stationed at partner showrooms run by Kaset Pattana Group, CNH Industrial (Thailand), and ISEKI (via IST Farm Machinery). Beyond agricultural equipment, GCAP operates a portfolio of five segmented consumer and SME credit products grouped under the "สบายใจ" (Sabaijai) brand: tourism boat hire purchase in the Phuket/Andaman region through boat yard partners EU Marine and Heli Phuket; regulated Personal Loans (P-Loan); Nano Finance under Bank of Thailand supervision; employee welfare loans with payroll-deducted repayment at partner companies; market vendor loans at Khlong Toei, Talat Thai, and Pathumwan markets; and business loans including mortgage and factoring.

The company's revenue model is interest-based and recurring: monthly interest from hire purchase agreements (terms up to 5 years, equipment as collateral) contributed 74.6% of FY2018 revenue, with secondary streams from personal loan interest (79% YoY growth in 2018), business loans, and sale-on-consignment products. GCAP distributes loans through physical dealer locations, market on-site desks, a call center (02-651-9995), and digital channels including an Android mobile application (launched August 2018) and a LINE Official Account (@sabaijai, live since July 2019). The company also operates Sabaijai Money Co., Ltd., a 51/49 joint venture with Chinese fintech 9F International, which obtained Personal Loan and Nano Finance licenses from the Bank of Thailand in 2019 and launched digital lending operations.

At scale, GCAP reported total revenue of THB 306.40M in FY2018 (+54.20% YoY) and net profit of THB 54.89M (vs. THB 41.28M in 2017 and THB 27.02M in 2016). Loan disbursement reached THB 1.18B in 2018 across an active customer base of approximately 20,000-30,000 borrowers, served through four Bangkok-area offices (SG Tower, At Sathorn Tower, plus sites in Phuket and Nakhon Sawan) and approximately 280 employees. The company raised THB 200M via a 47%-oversubscribed Rights Offering in 2018 and executed a 2023 capital restructuring involving up to THB 405M of convertible bonds to AO Fund and a THB 97.40M private placement. GCAP has been recognized in the Thailand Sustainability Investment (THSI) list (2016, 2017), received CAC anti-corruption certification (2019), and was awarded a CGR 5-star "Excellent" governance score by IOD in 2023 and 2024.

Name

G Capital Public Company Limited

Legal name

บริษัท จี แคปปิตอล จำกัด (มหาชน) / G Capital Public Company Limited

Website

https://gcapital.co.th

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Short description

G Capital Public Company Limited (GCAP) is a Thailand-based non-bank lender that provides hire purchase financing for agricultural machinery and tourism boats, plus regulated personal loans and nano finance, primarily serving Thai farmers, micro-entrepreneurs, market vendors, and employee borrowers through dealer-embedded distribution.

Ownership category

akta.pro rank

Product category

Consumer Hire Purchase and Personal Lending

NAICS

Sales Financing (52222)

SIC

Finance Lessors (6172), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

akta.pro secondary industries

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)

Keywords

• Agricultural hire purchase
• Personal loan services
• Tourism boat financing
• Nano finance lending
• Consumer hire purchase

Headquarters

HQ city

Pathum Wan

HQ country

Thailand

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Hire Purchase Interest Income (สิทธิเรียกร้องภายใต้สัญญาเช่าซื้อ): Primary revenue stream from interest on hire purchase agreements for agricultural machinery (combine harvesters, tractors) and tourism boats. Contributed 74.6% of total revenue in 2018 (฿306.40M total revenue). Repayments are made in monthly installments over contract terms typically up to 5 years.
2. Personal Loan Interest Income: Interest income from regulated personal loans (P-Loan, Nano Finance, employee welfare loans, market vendor loans) and unsecured credit. Revenue from personal loans grew 79% YoY in 2018. Also includes factoring and mortgage loan products.
3. Business Loans and Factoring: Revenue from secured business loans including mortgage loans, factoring (สินเชื่อ Factoring), and sale-on-consignment (สินเชื่อขายฝาก) products for business customers requiring working capital.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

G Capital Public Company Limited is a Thai non-bank financial services firm that provides hire purchase loans and personal credit products under the "Sabaijai" (สบายใจ) brand. The company's core offering is hire purchase financing for agricultural machinery (combine harvesters, tractors from brands like New Holland and ISEKI), complemented by tourism boat hire purchase, regulated personal loans (P-Loan), Nano Finance, market vendor loans, employee welfare loans, and secured business loans including factoring. Products are distributed through equipment dealer partnerships, market offices, a call center, an Android mobile app, and a digital lending joint venture (Sabaijai Money) with Chinese fintech 9F International.

Product overview

G Capital Public Company Limited operates as a diversified lending institution offering a portfolio of hire purchase and personal loan products under the "สินเชื่อสบายใจ" (Sabaijai) brand umbrella. The core offerings include สินเชื่อสบายใจเกษตรกร (agricultural machinery hire purchase) and สินเชื่อสบายใจอันดามัน (tourism boat hire purchase), supplemented by regulated personal loan products (P-Loan and Nano Finance), welfare loans for employees, market vendor loans, and business loans including factoring and mortgage facilities. The company also operates a digital lending subsidiary สบายใจมันนี่ through a joint venture with 9F International Holding, and provides a mobile application for customer self-service. The product ecosystem serves farmers, tourism operators, employees of partner companies, market vendors, and small business owners across Thailand.

Differentiator

Problem solved

Functional benefit

Brands

• สินเชื่อสบายใจเกษตรกร (Sabaijai Agriculture): Hire-purchase loans for agricultural machinery including rice harvesters, corn harvesters, tractors (New Holland, ISEKI), rubber roller machines, and wheel loaders for Thai farmers
• สินเชื่อสบายใจอันดามัน (Sabaijai Andaman)
• สินเชื่อสบายใจธุรกิจ (Sabaijai Business)
• สินเชื่อสบายใจพนักงาน (Sabaijai Employee)
• สินเชื่อสบายใจตลาด (Sabaijai Market)
• สบายใจมันนี่ (Sabaijai Money)

Products and services

• Sabaijai Agriculture (สบายใจเกษตรกร) - Agricultural Machinery Hire Purchase Hire purchase loans for agricultural machinery including combine harvesters, corn harvesters, tractors (New Holland, ISEKI), rubber roller machines, and wheel loaders. Provides financing for Thai farmers to access modern farming equipment with flexible repayment terms up to 5 years.
• Sabaijai Andaman (สบายใจอันดามัน) - Tourism Boat Hire Purchase Hire purchase and refinancing loans for speedboats (สปีดโบ๊ท) and marine vessels for tourism operators in Phuket and southern Thailand. Also offers engine loans for Honda, Yamaha, Suzuki, and Mercury branded marine engines.
• P-Loan (สินเชื่อส่วนบุคคลภายใต้การกำกับ) - Regulated Personal Loan

Quantifiable outcome

• Loan disbursement of ฿1,180.05M in 2018, up 5% from previous year
• +5 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• ISEKI Farm Machinery Co., Ltd. (ไอเอสที ฟาร์ม แมชชีนเนอรี่ จำกัด)coreChannel Partner/ Reseller/ Distributor · 1 October 2018Exclusive partnership for ISEKI tractor hire purchase financing starting October 2018. ISEKI is the sole importer and distributor of ISEKI Japanese agricultural machinery in Thailand with over 90 years of history and 30+ distribution branches covering key agricultural areas.
• 9F International Holdings PTE. LTD.coreStrategic or Co-development Partner · 1 January 2018Joint venture Sabaijai Money (สบายใจมันนี่) established with 9F holding 49% and GCAP 51%. Purpose: digital lending services (Personal Loan and Nano Finance) targeting underserved borrowers. 9F contributes fintech technology and experience serving 68M+ customers in China. JV received Bank of Thailand and Ministry of Finance licensing approval in 2019.
• CNH Industrial (Thailand) Co., Ltd.coreChannel Partner/ Reseller/ Distributor · 1 July 2017Partnership for hire purchase financing of New Holland tractors, active since July 2017. Extended cooperation agreement signed in June 2019 through 2021, with joint marketing campaigns and dealer coordination for agricultural machinery financing.
• SNH Industrial Thailand Co., Ltd. (ซ๊เอ็นเอช อินดัสเทรียล ไทยแลนด์ จำกัด)coreChannel Partner/ Reseller/ Distributor · 1 June 2017Agricultural machinery distributor partnership for tractor hire purchase financing, same group as CNH Industrial, active from June 2017.
• EU Marine Co., Ltd.coreChannel Partner/ Reseller/ Distributor · 1 January 2017Boat yard partner in Phuket for the สินเชื่อสบายใจอันดามัน (Andaman loan) product, providing hire purchase and refinancing for tourism boat operators.
• Heli Phuket Co., Ltd.coreChannel Partner/ Reseller/ Distributor · 1 January 2017Phuket-based tourism boat company partner for Andaman boat hire purchase financing program.
• Kaset Pattana Group (เกษตรพัฒนาอุตสาหกรรม จำกัด)coreChannel Partner/ Reseller/ Distributor · 1 January 2017Long-term strategic partner for combine harvester hire purchase financing. Annual joint promotional events (10 มกรา, 9 เดือน 9) and dealer booth presence at Kaset Pattana facilities in Phitsanulok. Kaset Pattana is Thailand's leading combine harvester manufacturer.

Scale indicators21 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• NgernTidLor: Leading Thai nano-finance and personal-loan platform focused on informal/self-employed borrowers via mobile and agent channels. Closely aligned with GCAP's Sabaijai Money and P-Loan/Nano Finance strategy and target segment (thin-file Thai borrowers), though materially larger and more digital-native.
• Easy Buy (Thailand): Thai hire-purchase consumer-finance provider (ACES subsidiary) offering installment financing for electronics and personal goods. Comparable in product mechanics (hire-purchase installment contracts to underserved borrowers) and digital/branch distribution.
• AEON Thana Sinsap (Thailand): Thai SET-listed hire-purchase and consumer-credit specialist offering installment financing for motorcycles, autos, and consumer goods. Directly comparable business model (asset-secured hire purchase to underserved borrowers) but a much larger and more diversified operation than GCAP.
• Muangthai Capital Holding: SET-listed Thai hire-purchase and consumer-finance company serving rural and SME borrowers with very similar origination channels (dealer desks, mobile, branches). Closely comparable in customer segment, product mix (HP and personal loans), and Thai-regulatory backdrop, though materially larger.
• Srisawad Power 1979 (SWN): Thai SET-listed finance and pawnshop operator that has expanded into personal loans, nano-finance, and hire purchase. Highly comparable product overlap (pawn, HP, personal loans) and target customer (underserved Thai borrowers), with similar regulatory exposure to BOT rate caps.
• CHAYO Group: Thai SET-listed micro-finance and nano-finance company serving informal borrowers with personal loans and HP. Directly comparable regulated product mix (Nano Finance, P-Loan) and target segment to GCAP's digital and welfare-loan business.
• AIRA & AIFUL (Thailand) / AYUD: Thai consumer-finance and hire-purchase providers focused on unsecured and secured personal lending to salary and SME borrowers. Closely comparable in target customer and product structure (term loans, HP, personal loans) to GCAP's non-agricultural book.

Broad incumbents

• Krungthai Card (KTC): SET-listed Thai credit-card and consumer-credit provider (Krungthai Bank subsidiary) offering hire purchase, personal loans, and revolving credit. Comparable products but a much larger, bank-affiliated incumbent with deposit-funding advantage and broader product breadth.
• Thanachart Capital (THANI): Thai SET-listed financial holding company with hire-purchase, leasing, and consumer-finance subsidiaries. Operates in overlapping products (auto HP, personal loans) but as a diversified holding rather than a single-segment specialist.

Others

• 9F International / 9F Inc. Chinese fintech and GCAP's JV partner in Sabaijai Money. Not a direct competitor but a key strategic/technology partner providing the digital-lending platform and operating experience that GCAP leverages for its consumer-finance expansion, making it thematically and operationally relevant to GCAP's future.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/gcapitalthailand
• LinkedInlinkedin.com/company/g-capital-pcl

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about G Capital Public Company Limited