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.