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Thai fintech startup raises $80m in Sequence C spherical amid pandemic

TOKYO — Bangkok-based fintech startup Synqa Holdings is trying to seize a slice of rising demand for cashless transactions in Asia by profiting from $80 million it lately raised.

Synqa, previously often known as Omise Holdings, accomplished its Sequence C funding led by Siam Business Bank’s enterprise capital subsidiary SCB 10X and Tokyo-listed asset supervisor Sparx Group, Nikkei reported.

4 different Japanese buyers, specifically Toyota Monetary Companies, Sumitomo Mitsui Banking Corp., SMBC Enterprise Capital, and Aioi Nissay Dowa Insurance coverage, additionally participated.

The startup firm modified its title from Omise Holdings on Apr. 30. Synqa sounds just like the Japanese phrase for evolution, “shinka,” whereas Omise means a “store” within the language. The corporate was based by Jun Hasegawa and Ezra Don Harinsut in 2013 in hopes of working an e-commerce platform.

The startup, nonetheless, ended up increasing its presence within the fintech spectrum, offering a cost gateway that permits web sites to finish transactions with out sending consumers elsewhere. It has attracted a number of big-name purchasers in Thailand together with McDonald’s, duty-free retailer King Energy, the nation’s second largest cell provider True Corp. and hospitality large Minor Worldwide.

Synqa additionally eyes broadening its decentralized monetary community for secure, clear, quick and low cost switch of digital property between people through the use of blockchain know-how. Thus, the corporate title now represents its company id quite than its origin.

The coronavirus pandemic has turn out to be a driver for cashless funds, as individuals started to want consumption and monetary transactions in a quick, safe, non-contact and handy method.

The $80-million funding is anticipated to permit Synqa to boost its applied sciences to offer higher services and products for its clients, serving to it to realize a bonus in increasing its footprint within the fintech space.

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Buyers, in the meantime, are prone to be awarded with the startup firm’s know-how in digital or fintech transformation.

Synqa, when it was nonetheless Omise Holdings, acquired $300,000 in seed funding from East Ventures in 2014. In its funding spherical as much as Sequence B, it had raised over $25 million since being established. It had additionally earned $25 million from an preliminary coin providing by its subsidiary OmiseGO in 2017. Most lately, Nomura Holdings funded an undisclosed quantity to the corporate in July 2019.

Thai soil isn’t essentially the most fertile for startups, however a handful have reached Sequence C funding previously. On-line trend retailer Pomelo raised $52 million in its Sequence C spherical in September 2019. The newest funding by Synqa is believed to be the primary in Thailand after the financial uncertainties triggered by COVID-19.

Extra reporting by Masayuki Yuda in Bangkok.

Jung Min-seo

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