Omise, a Bangkok-based online payment platform with a focus on Southeast Asia, on Thursday announced that it has entered into an agreement to acquire Paysbuy, a Thai e-money service provider, from Total Access Communications Pcl (DTAC) for an undisclosed sum.
Upon the completion of the acquisition, Paysbuy’s assets and services will be merged into Omise.
Omise expects this merger to help accelerate growth in Southeast Asian markets by accessing thousands of online merchants in its taget industries across Thailand and Myanmar.
In addition, this move will also pave the way for Omise’s innovations including OmiseGO (OMG) wallet by adopting the e-wallet service from Paysbuy and building a decentralized solution.
“This transaction is a positive outcome for both merchants and the economy. It would enable us to accelerate the implementation of our strategy across both Omise and OmiseGO’s products and services,” said Jun Hasegawa, CEO and founder of Omise.
“We’ve been continuously innovating and re-investing ourselves and this would enable us to grow our platform and build strong products more rapidly to help the payment ecosystem in Southeast Asia.”
Omise has completed the fundraising of $25 million through its first sales of OMG token yesterday, according to Techcrunch’s report.
The proceeds from the issuance of OMG token is close to the funding it received in the previous rounds, which include a $2.6 million series A in 2015, undisclosed round from Golden Gate Ventures and a $17.5-million series B led by SBI Investment last July.