Online payment technology developer SYNQA closes $80m Series C

Thailand-based SYNQA, which designs online payment and blockchain technology, has raised $80m in its Series C round.

SCB 10X, an investment division of Siam Commercial Bank, led the round alongside SPARX Group. Other contributions to the round came from Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, Aioi Nissay Dowa Insurance Corporation and other investors.

With the capital injection, the company will enhance its enterprise solutions and products. The company is also looking to deepen its footprint in Asia.

This investment round also bolsters the partnerships with SCB 10X, SPARX, TFS, SMBC, SMBCVC, and ADI and their use of the SYNQA subsidiaries technologies to aid their digital transformation.

The company also plans to use the fresh capital to establish a new subsidiary which will meet enterprise market demand for FinTech transformation.

SYNQA believes that post-coronavirus, there will be a big market preference towards digital payments over cash. It hopes to help the transition to a cashless society in Asia.

Its subsidiary Omise is a payment gateway which helps thousands of merchants across Asia run their online businesses, accept payments and connect with millions of customers across the globe.

SYNQA founder and CEO Jun Hasegawa said, “Despite these challenging times, I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises. This funding will accelerate the development of quality products and services by our subsidiaries to better connect people, businesses and society.

“I strongly believe technologies and innovation are crucial to building a more accessible financial infrastructure.”

Copyright © 2020 FinTech Global

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