Thai fintech firm SYNQA raises $80m in Series C round

Omise co-founder Jun Hasegawa. Photo: Masayuki Yuda, Nikkei Asian Review

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.

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.