The funding will be used by Synqa to further develop enterprise solutions and products to digitally transform businesses across Asia
Synqa, a Thailand-based fintech, has secured $80m in Series C funding round led by SCB 10X, a subsidiary of Siam Commercial Bank and SPARX, to develop cashless infrastructure in Asia.
The funding round also saw participation from Toyota Financial Services (TFS), Sumitomo Mitsui Banking, SMBC Venture Capital, Aioi Nissay Dowa Insurance Corporation (ADI) and other investors.
Established in 2015, Synqa develops online payment, blockchain technology for fintech applications, and digital transformation.
Synqa said that the funding will help in providing enhanced enterprise solutions and products that support digital transformation of businesses to deepen its presence in the cashless societies in Asia.
SYNQA founder and CEO Jun Hasegawa said: “I’m very excited to announce this funding round and new partnerships. 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.”
Payment gateways have a key role in today’s social distancing norm
During this coronavirus pandemic situation where social distancing has become the norm, the fintech infrastructures such as payment gateways play an important role in day-to-day transactions in a quick, secure and convenient manner.
Synqa expects that a change in preference towards digital payments over cash in the post-Covid-19 world.
Omise, its subsidiary, is a major player in the payment gateway business, offering thousands of merchants across Asia with the required tools to run their online businesses, accept payments and connect with millions of customers across the world.
The present round of funding will allow Omise to add more capabilities to its services and technology in enhancing value proposition to merchants and businesses in the region.
The funding is also expected to strengthen Synqa’s partnership with SCB 10X, SPARX, TFS, SMBC, SMBCVC, and ADI and their use of its subsidiaries’ technologies to support their digital transformation.
SCB 10X CEO 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 organizations. We believe that together we will bring forward innovations and new services to help enterprises transform and thrive in the digital future.”