omise_paysbuy_acquisition

The Omise and Paysbuy team pose together

Southeast Asian fintech company Omise today announced that it has acquired Paysbuy, a payment gateway and e-wallet services provider owned by Thai mobile phone operator dtac.

Following the acquisition, Paysbuy’s assets and services will be merged into Omise.

The companies said in a press statement that during the transition period, merchants can continue on using the platforms as per usual. But merchants will have the opportunity to “enhance their payment acceptance suite” by tapping into both companies’ solutions.

“Merging Paysbuy with Omise, brings together two of the strongest payment providers in the country – Paysbuy with its strengths in the depth of payment products, and Omise with its innovative solution focussing on best customer experience,” explained dtac Chief Strategy and Digital Officer Andrew Kvalseth.

“The combined entity will continue to be dtac’s online payment solution partner and will help improve online payment experience for dtac customers. This will be one of the key success factors for us to realise our ambition as the leading telco for online sales and service,” he continued.

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Omise is currently available in Thailand and Japan, and has been looking to enter Singapore, Indonesia, and Malaysia.

The company said that the acquisition will enable it to own a larger part of the market, and position itself to accelerate growth in the Southeast Asian markets.

The acquisition allows Omise to access “thousands” of online merchants across Thailand and Myanmar, as well as to tier-one enterprises in various industries, from telco to hospitality.

It will also enable Omise to further develop its recently announced OmiseGO (OMG) Wallet by adopting Paysbuy’s existing e-wallet service.

Recently Omise has integrated the Alipay payment method into its payment suite, anticipating the 9.8 million Chinese citizens which are expected to visit Thailand in 2017, based on a Tourism Authority Thailand report.

The startup has raised a US$17.5 million in Series B funding round led by SBI Investment, with participation from Sinar Mas Digital Ventures, Ascend Money, and Golden Gate Ventures in July 2016.

As for Paysbuy, the company was founded in 2004 with dtac being its majority shareholders in 2007.

It has a registered capital of THB200 million (US$5.8 million) and is licensed to operate e-money business and e-payment service.