Next Capital Public Company Limited (hereinafter referred to as “the Company”) was established on August 17, 2004 with registered capital of 8.00 million baht under the name BAF (Thailand) Co., Ltd. by Mitsui & Co., Ltd. which is a company in the Mitsui Group Japan. The Company operates a business on providing hire purchase loans exclusively for Yamaha motorcycles (hereinafter referred to as Captive Finance).

          Later in 2014, the Company began expanding the scope of business to providing loans for the hire purchase of motorcycles under other brands as well such as Honda, Vespa, Kawasaki and Suzuki .

          In 2017, Mitsui Group Japan has adjusted the Group’s business policy and therefore has reduced the shareholding ratio down to 25% of the Company’s registered capital and sold all shares in March 2019. The major shareholder of The Company as of 2019 year-end was Com7 Public Company Limited and Synnex (Thailand) Public Company Limited who held shares in the proportion of 40.00% and 40.00% of the paid-up registered capital of 300 million baht. The Company was later transformed into a Public Company in March 2020 and the registered capital was increased to 450 million baht and the shares were offered to the public for the first time (hereinafter referred to as Initial Public Offering: IPO) in November 2020.

          The major shareholders of the Company as of the end of 2020 were Com7 Public Company Limited and Synnex (Thailand) Public Company Limited who held shares in the proportion of 33.93% and 26.67% of the paid-up registered capital.

          ​The Company is classified as a financial institution that provides loans to the public but does not accept savings (Non-Bank). It conducts a lending business for hire purchasing that is not under the governance of the Bank of Thailand. The Company focuses mainly on servicing retail customers who would like to own a motorbike by buying the motorbikes from dealers and offering the customers to hire purchase the motorbikes. This helps the customers by not having to invest all their cash at once. It is considered as an alternative for funds for the customer segment who do not have the access to loans from commercial banks or other financial institutions. The Company reaches its customers via local dealers who are the Company’s business partners. 
History
2004
The Company was registered on August 17, 2004 under the name “BAF (Thailand) Co., Ltd.” with a registered capital of 8.00 million baht to conduct a business on providing loans for the hire purchase of Yamaha motorbikes only. The Company’s headquarter is in Bangkok.
2007 - 2010
The Company began to provide loan services for the hire purchasing of motorcycle rental businesses.
2014
The Company expanded its scope of business from lending to only the hire purchase of Yamaha motorcycles to providing loans to the hire purchase of other motorcycle brands including Yamaha, Honda, Vespa, Kawasaki and Suzuki. Furthermore, the Company began to provide Business-to-Business (B2B) loan services.
2017
the Company restructured its shareholding structure, whereby the Mitsui Group reduced its shareholding proportion to 25% and a new group of shareholders took over the Company, namely Com7 Public Company Limited holds 30%, Synnex (Thailand) Public Company Limited holds 30%, Vista Investments Limited holds 7.5% and Mr. Patinya Dheva-Aksorn holds 7.5%
2019
Mitsui Japan Group sold 12.50% of its shares to Com7 Public Company Limited and another 12.50% was sold to Synnex (Thailand) Public Company Limited.
July 2019
The Company changed its name from BAF (Thailand) Co., Ltd. to Next Capital Co., Ltd. and the Company name change was registered on July 1, 2019.
March 2020
The Company was increased in registered capital 150 million baht from the previous 300.00 million baht, totaling 450.00 million baht to be offered to the general public. The par value of each share was changed from 10.00 baht to 0.50 baht per share. The Company was listed in the Stock Exchange of Thailand (SET) and has registered the conversion from a limited company to a public limited company in accordance with the Public Limited Companies Act 1992 (including amendments) on March 25, 2020.
November 2020
The Company was opened a securities trading operation on the Stock Exchange of Thailand (SET) for investor on November 9, 2020 with the trading symbol “NCAP”.
December 2020
The Company owned 24 branch offices, 3 in central region, 4 in north region, 7 in south region, 3 eastern region, 3 western region and 4 in northeast region.