Cambodian payment startup Clik has announced the closing of a $2-million seed funding round led by global tech firms Limestone Technology and OpenWay and joined by several angel investors from Cambodia’s retail sector.
In an official release, the startup said it is considering raising an additional $1 million to further complement its latest funding round.
Founded in 2016 by serial entrepreneurs, Matthew Tippetts, Skye Cornell and Darren Jensen, Clik is a payment gateway and aggregator that aims to provide a safe, seamless and simple payment experience.
Through utilisation of the latest technology, including mPOS, machine learning, and biometrics, Clik’s payment aggregator app facilitates swift payments using their own e-wallet or other platforms.
The company says it will be officially launching its platform in Cambodia in Q2 of 2019 upon receiving its Payment Service Provider license from the National Bank of Cambodia.
By targeting the Cambodian market, Clik will be looking to leverage on internet economy boasting over 7 million internet users and 8.4 million smartphones, which is also seeing a growing electronic payment industry.
According to Clik Co-Founder and Chief Technology Officer Darren Jensen, the proceeds from the seed funding round, which is nearly complete, has been used to drive product development for the beta version and commercial release preparations.
Clik’s funding comes in the same week as a mega-deal announced by Grab, which has paved the way for it to become the first company to launch e-money licensed payments services across six major ASEAN countries.
Grab announced yesterday that it raised a $50 million strategic investment from Thailand-based KASIKORNBANK (KBank), which at the same time, marks the entry of its payment arm into the Thai market, having already established operations in Singapore, Malaysia, Indonesia, Vietnam, the Philippines.