One of Thailand’s most well-established fintech startups today announced a new milestone, pocketing $80 million in series C funding from major investors that include automaker Toyota.
Seven-year-old Synqa—formerly “Omise” until the parent company rebranded in April—runs a payment gateway for online businesses, akin to Silicon Valley’s Stripe. That service, still called Omise, operates in Thailand, Singapore, Indonesia, Malaysia, and Japan.
“Despite these challenging times, I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises,” said founder and CEO Jun Hasegawa in a statement this morning.
Toyota will make use of Synqa’s tech as it expands the Toyota Wallet app, which launched last November, according to a separate announcement from its Toyota Financial Services subsidiary.
Latest Synqa facts & stats
- No data on active merchants is available
- 140 employees across offices in Japan, Singapore, and Indonesia
- Back in 2017, Synqa expanded into one new niche—its blockchain-based OMG Network, which is essentially a payment gateway for the Bitcoin-rivaling Ethereum network—as part of its ambition to be a broad fintech empire with multiple services
- Long a darling of Japan-based investors, Synqa has attracted some major Japanese backing for its series C, including Toyota’s Financial Services unit and Sumitomo Mitsui Bank
- Siam Commercial Bank’s spinoff SCB 10X led the fresh funding