Thailand payments company Opn raises $120m
Thailand-based payments technology provider Opn, also known as Synqa and Omise, has raised USD 120m from a group including MUFG Bank.
Singapore’s Mars Growth Capital, a joint venture between MUFG Bank and US financial technology company Liquidity Group, also participated, as did the VC arm of the government-sponsored Japan Investment Corporation.
The round has been billed as an extension of a USD 80m Series C investment led by SCB 10X, the VC unit of Thailand’s Siam Commercial Bank, and Japan’s Sparx Group in 2020. It brings the total capital raised to date to USD 222m. Previous investors also include the likes of Toyota Motor Corporation, Sumitomo Mitsui Banking Corporation, and SMBC Venture Capital.
Opn describes itself as the leading one-stop payment and embedded fintech services company from Southeast Asia and Japan. “We are a full-funnel fintech platform which enables everyone to bypass the difficult to navigate payment experience that exists today,” CEO Jun Hasegawa said in a statement.
The company’s payments acceptance interface incorporates multiple payment methods, including credit cards and mobile wallets, and can also be integrated with reward programs. There is a significant focus on security and fraud detection. A staff of around 500 serves more than 7,000 merchants in six countries.
Opn rebranded from Synqa earlier this week in an attempt to better convey a vision statement that emphasises digital inclusivity and borderless business. The company has raised capital as Omise since at least 2014, when East Ventures provided a USD 300,000 seed round. It continues to operate its payments processing business under that name.
Recent activity includes the launch of Opn Tag in Thailand, a platform for merchants such as restaurants and hotels that supports contactless payment and delivery through near-field communication and QR codes.
There are plans to launch several international services this year related to digital wallets and virtual assets. These include Opn Mint, which would allow businesses to create non-fungible tokens (NFTs) for their brands, as well as Opn Store, which aims to allow individuals and businesses to create online stores with fully integrated payment and fulfilment services.
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