finance news

SYNQA raised USD 80 million investment from SCB 10X and SPARX Group

SYNQA raised USD 80 million investment from SCB 10X and SPARX Group
SYNQA raised USD 80 million investment from SCB 10X and SPARX Group

SYNQA, a Bangkok-based fintech company formerly known as Omise Holdings, has reportedly raised USD 80 million in Series C funding round which was led by SCB 10X and SPARX Group to strengthen its base in the cashless society in Asia.

Sources state that the startup has now raised more than USD 22 million overall, including investors like Aioi Nissay Dowa Insurance Corporation (ADI), Sumitomo Mitsui Banking Corporation (SMBC), Toyota Financial Services Corporation (TFS), SMBC Venture Capital (SMBCVC) and others.

Jun Hasegawa, Founder of SYNQA, said in a statement that this funding will help them accelerate the development of quality products and services by their subsidiaries for connecting with people, businesses, and to make the society better. He added that technologies and innovation play a crucial role in building a more accessible financial infrastructure.

For the record, SYNQA was founded in 2015 and currently has more than 140 employees spread across offices in Singapore, Tokyo, Jakarta, and Bangkok. The company specializes in blockchain technology for fintech applications and online payments.

Nielsen states that online sales of fast-moving consumer goods (FMCG) witnessed a rise of two percent as compared to 2019 due to COVID-19 measures.

According to the reports, despite the economic uncertainty due to COVID-19, several fintech companies are witnessing continuous growth in different areas like fintech-based financing from peer to peer lending, payment systems, equity crowdfunding, and insurtech.

As per the trusted sources, the fund amount will be used by the SYNQA, to make improvements in its current platform and its enterprise solutions.

With recent partnerships with TFS, SMBC, SMBCVC, SCB 10X, SPARX, and ADI, the company wishes to support and enhance digital transformation in Asia.

 

SOURCE CREDITS:

https://e27.co/synqa-lands-us80m-in-series-c-funding-round-led-by-scb-10x-sparx-group-20200622/

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Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.