Thailand online payment solutions platform Omise announced that it has secured US$17.5 million in its Series B financing round. The round was led by Japan’s leading venture capital firm SBI Investment with significant participation by undisclosed partners.
Also participating are returning investors Sinar Mas Digital Ventures (SMDV), Ascend Money (Southeast Asia’s Leading Fintech arm of Ascend Group) and Golden Gate Ventures. The round is claimed to be one of the largest Series B investments for a fintech company in Southeast Asia to date.
Much of the financing will be going towards expanding its operations across Southeast Asian markets and to accelerate product development.
“Omise will be developing synergy with it strategic partners to build new financial connectivity, grow a portfolio of promising businesses and raise our customer base across the region. With the financial and strategic support of our investors, we foresee long term growth and potential, particularly servicing regional and global enterprises,” said Jun Hasegawa, CEO of Omise, in an official press statement.
The company also welcomed June Seah and Michael Bradley to its advisory board, both of whom served with Visa Asia Pacific and CyberSource respectively.
Seah has had a 20 year career with Visa, most recently as executive in its merchant services organisation. Bradley led CyberSource Asia Pacific for Visa and in addition to his advisory role, will serve as Omise’s Chief Commercial Officer.
The company has also announced that Sanjeev Kumar will join as Chief Product Officer. He recently led merchant solutions and strategy for Visa CyberSource in Asia Pacific.
Luke Cheng will also be serving as Chief Financial Officer. With over a decade of legal and finance experience, Cheng recently led Groupon’s APAC region.
Upon securing this latest investment round, Omise has raised more than US$25 million since establishment in 2013.
Founded in 2013, Omise (which means “store” in Japanese) currently operates in Thailand and has recently launched service in Japan.
Omise has offices in Indonesia and Singapore and expects to offer its services by the end of the year in those markets.