Thai startup Beam raises US$2.5m for one-click payments

BEAM, which provides a one-click checkout feature for e-commerce and social commerce, has raised US$2.5 million in a seed funding round led by Surge, the rapid scale-up programme by Sequoia Capital India and South-east Asia, with participation from Partech Partners.

The funds will be used to expand Beam’s services in Thailand and across South-east Asia, increase hiring, and grow merchant acquisition.

Social commerce is on the rise in South-east Asia and consumers are increasingly interacting with brands beyond online storefronts. Social media and messaging apps, including TikTok and WhatsApp, are fast becoming the platforms of choice for some users to interact with sellers and close transactions.

Yet, there is no one-click solution to payments across all platforms, said Beam on Wednesday (Nov 16).

The startup has built a checkout feature that it says takes only 20 seconds. It facilitates a range of payment options, including cards, e-wallets, instalments and buy now, pay later.

“The online checkout experience should be as easy as tapping a physical card for payment. We want to help brands go direct-to-consumer and cultivate shopper loyalty, by greatly improving the online transaction experience and optimising platform fees,” said Win Vareekasem, co-founder and chief executive of Beam.