Tuesday, Jul 14, 2020
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Thai fintech Synqa secures $80 mn funding to enhance its tech

Synqa funding
The funding round was led by Siam Commercial Bank's venture capital subsidiary SCB 10X and Sparx Group

Thailand-based fintech startup Synqa has secured around $80 million in its Series C funding round, the media reported.

The startup will use the funds to enhance its technologies and simultaneously improve its product offerings. By doing so, Synqa hopes to gain an advantage in expanding its footprint in the fintech area.

The funding round for Synqa was led by Siam Commercial Bank’s venture capital subsidiary SCB 10X and Tokyo-listed asset manager Sparx Group.

Other investors such as  Toyota Motor’s financial arm Toyota Financial Services, Sumitomo Mitsui Banking Corp., SMBC Venture Capital, and Aioi Nissay Dowa Insurance, also participated in the funding round, Nikkei reported.

Jun Hasegawa, founder, and chief executive of Synqa, said that he sees a lot of opportunities in accelerating digital payments and digital transformation for enterprises.

“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,” he told the media.

The Bangkok-based startup, which was formerly known as Omise Holdings, offers payments services to online and offline merchants in Thailand, Japan, and Singapore. It also runs Ethereum-based money transfer tool OMG Network.

Synqa’s platform allows websites to complete transactions without sending shoppers elsewhere. Reportedly, its lists of clients in Thailand include McDonald’s, duty-free retailer King Power, the country’s second-largest mobile carrier True Corp. and hospitality giant Minor International.

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