Thai startup Synqa raises US$80m from Siam Commercial, Toyota and others

[BANGKOK] Siam Commercial Bank said on Monday that payments startup Synqa raised US$80 million from the Thai lender and other companies including Japan's Sumitomo Mitsui and Toyota, reflecting investor appetite for the digital market.

Bangkok-based Synqa, formerly known as Omise, was founded in 2013 as a payment gateway.

"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," Synqa founder and chief executive officer Jun Hasegawa said.

The Series C funding round was also joined by Japanese investors Sumitomo Mitsui Banking, Toyota Financial Services, SMBC Venture Capital, Aioi Nissay Dowa Insurance and other investors, according to the statement from Siam Commercial Bank.

Thailand's fourth-largest lender by assets, Siam Commercial Bank, led the funding round and has also invested in startups such as Indonesian ride-hailing app GoJek and US-based blockchain firm Ripple as part of its digital transformation strategy.

REUTERS

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