Thai online payment company Omise has received Series B funding of $17.5 million in a round led by Japanese venture capital firm SBI Investment.
It is one of the largest Series B investments yet for a fintech company in Southeast Asia.
Ascend Money, Golden Gate Ventures and Sinar Mas Digital Ventures also took part in the round.
This brings to more than $25 million the amount Omise has raised, including an undisclosed
funding round from Golden Gate Ventures in October, a $2.6 million Series A round in May
last year, and seed funding of $300,000 in August 2014.
Much of the financing will be directed toward expansion across Southeast Asia as well as accelerating product development, reports Deal Street Asia.
Founded by Jun Hasegawa and Donnie Harinsut in 2013, Omise launched in Thailand and Japan with more than 1000 customers including Minor International, Nok Air and True Corp. The company has offices Indonesia and Singapore, where it expects to offer its services by the end of this year. It also plans to expand into Cambodia, Laos, Malaysia, Myanmar and Vietnam in the next leg.
“Online commerce has significantly broken down trade frontiers, making it easier than ever for any business to expand beyond their home country, and payments is a key driver of that opportunity,” says CEO Hasegawa.
With this funding round, June Seah from Visa Asia Pacific and Michael Bradley from CyberSource join the firm’s advisory board. Bradley will also be chief commercial officer together with Sanjeev Kumar, who joins as chief product officer, and Luke Cheng, who led Groupon’s APAC region, as CFO. Kumar previously led merchant solutions and strategy for Visa CyberSource in Asia Pacific.
