Thai fintech company SYNQA raises $80m in Series C funding

Maria Nikolova

The funding round was led by SCB 10X and SPARX, and was joined by Toyota Financial Services Corporation, as well as Sumitomo Mitsui Banking Corporation.

Thailand-based company SYNQA, which specializes in online payment and blockchain technology for fintech applications, today announces that it has raised $80 Million in Series C funding led by SCB 10X and SPARX Group Co., Ltd. The round was joined by Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation , SMBC Venture Capital, Aioi Nissay Dowa Insurance Corporation and other investors.

Via this funding SYNQA will seek to deepen its footprint in the cashless societies in Asia. The company views fintech infrastructure such as payment gateways as key tools in performing day to day financial transactions in a fast, secure and convenient manner.

“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,” said Jun Hasegawa, founder and CEO of SYNQA.

SYNQA envisions a shift in preference towards digital payments over cash. Its subsidiary, Omise, has been active in the payment gateway business since 2013, providing thousands of merchants across Asia with the necessary tools to run their online businesses, accept payments and connect them with millions of customers across the globe. This funding will allow Omise to add more capabilities to their services and technology stack 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 enterprise market demand for fintech transformation.

SYNQA subsidiaries are keen 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 continues to break traditional transactional barriers.

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.

<