Japanese venture capital firm SBI Investment has led a $17.5-million Series B round in Thailand’s online payment enabler Omise, which marks one of the largest Series B investments for a fintech company in Southeast Asia to date.
The company said that Sinar Mas Digital Ventures, Ascend Money and Golden Gate Ventures also participated in this round.
With this round, Omise has raised more than $25 million to date including an undisclosed funding round from Golden Gate Ventures in October, a $2.6 million Series A in May 2015, and a seed funding of $300,000 in August 2014.
Much of the financing will be directed towards expanding its operations across Southeast Asian markets and to accelerate product development.
Omise – founded by Jun Hasegawa and Donnie Harinsut in 2013 – launched its operations in Thailand and Japan with over 1,000 customers including large corporate firms like TRUE Corp, Nok Air and Minor International.
It currently has offices in Indonesia and Singapore and expects to offer its services there by the end of this year. It also plans to expand into Malaysia, Vietnam, Myanmar, Laos and Cambodia in the next leg.
“The advent of online commerce has significantly broken down trade frontiers, making it easier than ever for any business to expand beyond their home country, and payments is a key driver of that opportunity.” said Jun Hasegawa, CEO of Omise.
With this funding round, June Seah and Michael Bradley join the firm’s advisory board, both of whom served Visa Asia Pacific and CyberSource respectively. Bradley will also serve as chief commercial officer together with Sanjeev Kumar who joins as chief product officer and Luke Cheng, most recently leading Groupon’s APAC region, serves as chief financial officer. Kumar recently led merchant solutions & strategy for Visa CyberSource in Asia Pacific.