Thailand-based payment technology provider Digio has raised $4 million in Series B round to accelerate its product and services development, according to an announcement.
The investors participating in this round included Thai interbank payments provider PCC, Beacon Venture Capital, and Private Equity Trust for SME Growing Together 2.
The company said the fresh funding will enable it to expand its capacity to provide payment technology to financial institutions and strengthen Thailand’s rapidly growing digital payments infrastructure.
Established in 2012, Digio provides payment hardware and software solutions, such as EDC terminals, mobile point of sale (mPOS) systems, soft tokens, and payment gateways. Its products allow major institutions to enable digital payments for consumers and SMEs.
The company has customers in Asian countries such as Japan, Malaysia and Myanmar and claims that it has been profitable since its inception, and will continue to focus on maintaining a sustainable growth philosophy.
“We feel highly privileged to have long-standing trust from PCC and the major financial institutions in Thailand, and today’s investment will allow us to deliver a broader array of payment services to institutions and consumers alike,” said Digio founder and CEO Nopphorn Danchainam.
Recently, the payment company collaborated with PCC to launch FLite, a low-cost POS terminal which will allow SMEs to securely accept and process contactless credit card payments.
Founded in 2016, Beacon VC is a wholly-owned corporate venture capital fund of Kasikornbank PLC. With an initial corpus of $30 million, Beacon VC focuses on strategic investments in early to growth-stage technology startups covering not only financial technology (fintech) but also consumer lifestyle and deep technology sectors such as artificial intelligence (AI) and enterprise IT.
Digio marks the tenth direct investment by the VC firm. Its other direct investments include neobank Aspire Financial Technologies, cross-border payments company InstaReM, and ride-hailing and financial services unicorn Grab.