SCB 10X, Sparx lead $80m round for Thai fintech player
Thailand-based financial technology provider Synqa, formerly known as Omise, has raised an $80 million Series C round led by local VC firm SCB 10X and Japan’s Sparx Group.
Sparx is participating through its Mirai Creation Fund II, a JPY13.5 billion ($126 million) fund established in 2018 with Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation. SMBC Venture Capital and Aioi Nissay Dowa Insurance Corporation also contributed.
Synqa, which continues to operate its payments processing business under the name Omise, focuses on helping digitize businesses with technology to support cashless transactions. According to a release, it will use the fresh capital to improve technology within Omise and launch a new enterprise-facing subsidiary.
Omise has been in operation since 2013, providing tools for Asian merchants to accept digital payments through a platform focused on security and fraud detection. Its payments acceptance interface incorporates multiple payment methods, including credit cards and mobile wallets, and can also be integrated with reward programs.
Operations also include OMG Network, previously known as OmiseGo, which offers blockchain value storage software and digital currency conversion services. The idea is to create a financial infrastructure that can be accessed globally without relying on legacy platforms, thereby removing a key bottleneck to the growth of global online businesses.
Synqa has raised more than $125 million to date, including a $17.5 million Series B in 2016 led by Japan’s SBI Investment and a $25 million token sale the following year. Global Brain led a round of undisclosed size in 2018 with support from 31 Ventures and Sinar Mas Digital Ventures, the corporate VC arms of Mitsui Fudosan and Sinar Mas Group, respectively.
SCB 10X is a subsidiary of Siam Commercial Bank that invests globally across fintech, health, workplace innovation, lifestyle, internet-of-things, and deep tech categories. It combines the bank’s VC units, Digital Ventures and Purple Ventures with other in-house resources, including data tech development platform SCB Abacus and digital lending company Monix.
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