Krungsri Finnovate leads Series B+ in Thai ICO unicorn Omise

Thailand-based blockchain and online payment startup Omise has secured an undisclosed sum in a Series B+ round led by Krungsri Finnovate, a venture capital arm of Krungsri (Bank of Ayudhya), according to a company announcement today.

This marks the second investment by Krungsri Finnovate, a business unit under Mitsubishi UFJ Financial Group (MUFG). Earlier this month, it led a $3.2-million Series A round in Finnomena.

Following its $17.5-million Series B round led by SBI Asset Management in 2016, Omise secured another $25 million through an initial coin offering (ICO) for building an ethereum-based OmiseGo product for peer-to-peer payments and money transfers in July this year. It soon became one of the first ICO unicorns as its market cap crossed $1 billion, according to coinmarketcap.com, a site that tracks the value of crypto tokens.

“We have seen growth opportunities in online payment as well as a solid expansion of Omise’s transaction volume. We also realized that opportunities abound for Omise to tap the full potential of e-commerce in Southeast Asia and offer the payment solutions across the region,” said Krungsri Finnovate’s managing director Sam Tanskul.

He also added that Omise’s expertise will help the bank accelerate the adoption of the online payment technology while OmiseGO could support the development of its digital products and services such as KMA, Di-Wallet and U-Choose in the long term.

In return, Omise can build on its foundation of payment services by leveraging Krungsri’s strong foothold in Thailand and MUFJ’s global capabilities and connections in more than 50 countries.

Omise previously closed an undisclosed amount in series B led by Golden Gate Ventures in October 2015 and a $2.6 million series A round by SMDV in May 2015.

Also read:

Thailand: Omise acquires DTAC’s e-money service provider Paysbuy

Japanese VC Global Brain to launch blockchain arm

Krungsri Finnovate leads $3.2m Series A in Thai fintech startup Finnomena

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.