Financial services firm Siam Commercial Bank’s SCB 10X unit co-led an $80m series C round for Thailand-based digital payment technology producer Synqa today with venture capital fund Mirai Creation Fund II.
Insurance provider Aioi Nissay Dowa and Toyota Financial Services Corporation, a subsidiary of carmaker Toyota, also participated, as did financial services firm Sumitomo Mitsui Banking Corporation and its SMBC Venture Capital subsidiary.
Formerly known as Omise, Synqa now operates Omise as a mobile wallet in addition to crypto token trading network OMG Network. The company said all the series C investors already use its technology,
The funding will help Synqa expand its services and establish a new subsidiary that will be tasked with extending digital transformation services to enterprise customers.
SCB 10X’s chief executive, Arak Sutivong, said: “We are delighted to participate in this investment round and partner with Synqa. This strategic partnership further strengthens the relationship between our two organisations.
“We believe that together we will bring forward innovations and new services to help enterprises transform and thrive in the digital future.”
The company had raised about $20m as of a $17.5m series B round in 2016 led by financial services firm SBI and backed by conglomerate Sinar Mas’ SMDV unit and Ascend Money, a subsidiary of e-commerce group Ascend, as well as Golden Gate Ventures, its earlier backers having included East Ventures and 500 Tuktuks.
Omise added undisclosed amounts from Krungsri Finovate, the VC subsidiary of financial services firm Bank of Ayudhya, in 2017; SMDV, property developer Mitsui Fudosan’s 31 Ventures unit and Global Brain in late 2018; and financial services firm Nomura in July 2019.
