Thailand-based fintech company SYNQA, formerly Omise Holdings, has raised $80 million in its Series C funding round led by SCB 10X and SPARX Group, through its Mirai Creation Fund II, per an announcement.
The round was joined by Toyota Financial Services Corporation (TFS), Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital (SMBCVC), Aioi Nissay Dowa Insurance Corporation (ADI) and other investors, according to a statement.
The corpus raised will help SYNQA provide enhanced enterprise solutions and support digital transformation of its businesses, as it seeks to deepen its footprint in the cashless societies in Asia.
This funding will allow SYNQA’s subsidiary, Omise, to add more capabilities to their services and technology stack to enhance the value proposition to merchants and businesses in Asia.
The Series C funding will also serve to propel a new subsidiary founded by SYNQA to meet enterprise market demand for fintech transformation.
Omise has been leading the payment gateway business since 2013, providing thousands of merchants across Asia with the necessary tools to run their online businesses, accept payments and connect them with millions of customers across the globe.
“I’m very excited to announce this funding round and new partnerships. Despite these challenging times, I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises. This funding will accelerate the development of quality products and services by our subsidiaries to better connect people, businesses and society. I strongly believe technologies and innovation are crucial to building a more accessible financial infrastructure,” said Jun Hasegawa, founder and CEO of SYNQA.
In a world post-COVID-19, SYNQA said it envisions a shift in preference towards digital payments over cash. According to Nielsen, in Singapore, online sales of fast-moving consumer goods saw a 2 per cent increase compared to 2019 due to COVID-19 measures.
SCB 10X, a holding company among other subsidiaries of Siam Commercial Bank (SCB Group), was established in January 2020 and aimed to achieve exponential growth through technology innovations and investments via its three arms: Venture Capital, Venture Builder, and Strategic Investment and Partnership. The firm oversees disruptive technology investments and portfolio companies of SCB Group, comprising Digital Ventures, SCB Abacus, MONIX, Purple Ventures and other technology investments.
SPARX Group Mirai Creation Fund I began in 2015 with financing of initially 13.5 billion yen from three companies: Toyota Motor Corporation, Sumitomo Mitsui Banking Corporation, and SPARX Group, the fund’s general partner. Since then, Mirai Creation Fund I and II have invested in more than 50 companies and projects in intelligent technologies, robotics, hydrogen-economy technologies, electrification, and new materials.
Meanwhile, SYNQA is a holding company founded in 2015 and it is the parent company of Omise and OMG Network. It specialises in online payment, blockchain technology for fintech applications, and digital transformation.