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Thailand-based fintech Digio secures $4 mn funding

Digio funding
The funding will be used to accelerate its product and services development

Thailand-based fintech firm Digio has secured around $4 million in a fresh funding round to accelerate product and services development, according to reports in the media.

Investors who took part in the funding round for Digio includes Thailand-based interbank payments provider PCC, Beacon Venture Capital, and Private Equity Trust for SME Growing Together 2.

According to Digio, the funds will also help the firm to expand its capacity to provide payment technology to financial institutions and contribute to bolstering Thailand’s rapidly growing digital payments infrastructure.

Digio founder and chief executive officer Nopphorn Danchainam told the media, “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.”

The Bangkok-based firm provides turnkey payment solutions, including credit/debit card processing and e-wallets for financial institutions in its home markets and countries such as Japan, Malaysia, and Myanmar. Digio’s platform enables small and medium-sized enterprises (SMEs) to accept card payments — particularly by enabling transactions, payments, and signatures to be processed through smartphones.

Established in 2012, Digio was awarded the Payment Facilitating Services (PFS) licence by the Bank of Thailand (BOT) earlier this year.

Last month South Korea-based consumer loan provider KB Kookmin Card revealed that it had signed a deal with Thailand-based personal loan provider J Fintech to acquire a controlling 50.99 percent stake in the company for $20 million.

Mobile phone distributor Jay Mart, the parent company of J Fintech currently holds a 95.65 percent stake in its fintech arm.

The deal is subject to regulatory approval.

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