VC-backed Omise raises $25m, acquires Thai competitor

The capital raise was realized via a token sale and confirmed in a TechCrunch report posted by the company on its social media feed. Financial details of the bolt-on have not been disclosed.

“Merging Paysbuy with Omise, brings together two of the strongest payment providers in the country – Paysbuy with its strengths in the depth of payment products, and Omise with its innovative solution focusing on best customer experience,” Andrew Kvalseth, chief strategy and digital officer at Dtac, said in a statement. “The combined entity will continue to be Dtac’s online payment solution partner and will help improve online payment experience for Dtac customers.”

Founded in 2013, Omise offers services that allow third-party merchants to accept payments using a mobile accessible platform focused on security and fraud detection. It is currently positioning itself to accelerate growth in Thailand and Myanmar as well as improve access to targeted industries including communications, insurance, hospitality, travel and e-commerce.

Japan’s SBI Investment led a $17.5 million Series B round for the company last year with participation from Sinar Mas Digital Ventures, Golden Gate Ventures and domestic companies such as Ascend Group, a spin-off of mobile network operator True. Indonesia’s SMDV led a $2.6 million Series A in 2015 alongside investors including East Ventures and 500 Startups.

The company’s token sale is said to represent the first cryptocurrency capital raise by a major VC-backed start-up. Token launches allow investors to acquire virtual holdings in companies. Like shares, the tokens are able to grow in value if operational success prompts increased investor demand.

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• Topics
• Southeast Asia
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• TMT