Sunday, August 9, 2020

Synqa Holdings bags US$80 million in Series C funding

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Kim Casper
Kim Casper
Singapore | A lifelong-learner, Kim aims to be a multi-disciplinarian in design x technology. With a penchant for adventure, she enjoys video-games like the Metal Gear series and Horizon Zero Dawn.

Fintech startup SYNQA (previously known as Omise Holdings) has recently announced that it has closed its Series C funding round and bagged fresh equity amounting to US$80 million. The round was led by SCB 10X (the venture capital arm of Siam Commercial Bank) and Sparkx Group, and saw participation from four other Japanese investors – Toyota Financial Services, Sumitomo Mitsui Banking Corp., SMBC Venture Capital, and Aioi Nissay Dowa Insurance.

As a holding company, SYNQA is based in Thailand and founded in 2015 by Jun Hasegawa who also serves as Chief Executive Officer. SYNQA’s niche lies in developing online payment, blockchain technology for fintech applications, and digital transformation – the company’s name aptly represents synergy, synchronization, symbiosis, symmetry and quest.

According to SYNQA’s research on the economical climate post-COVID19, there will be a shift from cash to digital payments and this puts SYNQA in a prime position to lead the pack in transiting Asia into a cashless society. One of its subsidiary companies, Omise, has had a strong presence in the payments gateway arena since 2013. With thousands of merchants across Asia are now benefiting from Omise’s tools that allow them to manage their online business, accept payments, and link them with millions of customers all over the world.

The fresh capital raised would enable SYNQA and its subsidiaries to boost its technologies in order to provide improved products and services for its customers, thus enabling the company to have an edge in growing its presence in the fintech space.

Commenting on the funding round, Hasegawa shared that “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.”

SCB 10X’s CEO, Arak Sutivong, resonated with Hasegawa and shared that “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.”

Though the pandemic may have an influence in businesses deciding to pivot to digital payments and financing services post-COVID19, this does not represent a recent trend as analysts at McKinsey & Company also reports that in 2018, the adoption rates of electronic payment transactions have grown more than 15% annually in the APAC region. With such cues supporting SYNQA’s trajectory and its strong presence in the Asian market, it would not be a surprise to see SYNQA leading the region’s digital transformation in the near future.

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