Thailand-based fintech startup, Synqa, formerly known as Omise Holdings, has now announced that it has raised $80 million in Series C funding round led by Thailand's Siam Commercial Bank venture arm, SCB 10X and Mirai Creation Fund II of Japanese asset manager SPARX Group.
The startup plans to use this freshly raised funds to strengthen Omise, its payment platform, to empower Asian merchants to go cashless across Asia even after the COVID-19 pandemic. Synqa sees digital currency as one of the major solutions, among many other methods.
Toyota Financial Services Corporation, SMBC Venture Capital, Aioi Nissay Dowa Insurance Corporation, and Sumitomo Mitsui Banking Corporation, are among other investors who also participated in the funding round.
In 2015, Synqa was founded as the startup that acts as the parent company of Omise Holdings. This payment gateway offers a complete suite of payment features like e-wallet, acceptance interface, and cross-border remittances. The startup also operates blockchain-based payments tool OMG Network and money transfers that were previously known as OmiseGo.
Synqa founder Jun Hasegawa said, in spite of these challenging times, he sees several opportunities in the enterprise digital transformation and digital payments. The latest raised funding will speed up the development of quality services and products by their subsidiaries to connect with people in a better way, businesses, and society.
Earlier this month, the OMG Network of Synqa went live and integrated Tether (USDT). This integration claims to result in lessen the transaction confirmation fees and times when transferring value with USDT.
Prior to the Series C rounding, Synqa had raised a total of $20 million from several funding rounds. In 2017, it had also lifted $25 million via a digital token sale. East Ventures, 500 TukTuks, SBI Investment, Thai telco True Group, Global Brain, Ascend Money, Nomura Holdings, 31Ventures, and Golden Gate Ventures, are among its prominent investors.
In a statement, the startup's spokesperson said, currently, Synqa has thousands of merchants in Japan and Southeast Asia. Since its latest funding round, the startup has collaborated with firms such as Citibank in Thailand, Singapore based PayNow as well as TrueMoney Wallet. The motive behind the collaboration is to offer more payment solutions to its customers.
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