FinTech company SYNQA raises $80 million in Series C funding

By Edil Corneille

SYNQA, a Bangkok-based FinTech company which was formerly Omise Holdings, has announced the raise of $80 Million in its Series C funding. The investment round was led by SCB 10X and SPARX Group (through its Mirai Creation Fund II).

The investment raised will be used for the provision of enhanced enterprise solutions and products supporting the digital transformation of businesses. The FinTech company seeks to deepen its footprint in the cashless societies in Asia.

Amid COVID-19 times where social distancing is the norm, FinTech infrastructure such as payment gateways are key tools in performing day to day financial transactions in a fast, secure and convenient manner.

Jun Hasegawa, founder and CEO of SYNQA enunciated, “…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.”

Toyota Financial Services Corporation (TFS), Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital (SMBCVC), Aioi Nissay Dowa Insurance Corporation (ADI) and other investors joined the funding round too.

“We are delighted to participate in this investment round and partner with SYNQA. This strategic partnership further strengthens the relationship between our two organizations. We believe that together we will bring forward innovations and new services to help enterprises transform and thrive in the digital future,” said Dr. Arak Sutivong, CEO of SCB 10X.

SYNQA envisions a shift towards digital payments over cash even after the end of the COVID-19 era. An ongoing Mastercard study has revealed that consumers in APAC are going digital when it comes to making payments and this trend is expected to continue post the pandemic.

The funding will enable SYNQA’s subsidiary Omise to add more capabilities to the services and technology stack. This is expected to enhance the value proposition to merchants and businesses in Asia. This new round of funding solidifies SYNQA’s partnership with SCB 10X, SPARX, TFS, SMBC, SMBCVC, and ADI and their use of SYNQA subsidiaries’ technologies to support their digital transformation and SYNQA’s contribution to the growing cashless economies in Asia.

The Series C funding will also serve to propel a new subsidiary founded by SYNQA to meet the enterprise market demand for FinTech transformations.

SYNQA has mentioned that its subsidiaries are delighted to explore the use of technologies, such as open APIs and the OMG Network, a value transfer network on the Ethereum blockchain, to provide enhanced solutions to its partners’ clients. By supporting the development of products, such as the Toyota Wallet App, SYNQA has stated that it continues to break down traditional transactional barriers.