Thailand-based mobile point-of-sale (mPOS) startup Digio has raised Series A funding from InVent, a venture capital arm of Intouch Holdings Public Company Limited (SET:INTUCH). The funding amount was undisclosed.
According to Nopphorn Danchainam, CEO and Founder of Digio, the funds will be used mainly to bolster the company’s move toward growing its team, and its plans to expand across the region. “I have foreseen that the electronic payment will be a major part of Thai’s economy in the near future, so I decided to found Digio which was initially focused on card payment services,” he said in a statement. “We were the first to bring mPOS technology to Thailand with the aim to help SMEs to be able to accept electronic card payment with acceptable fees. Currently, Digio system can also accept payment from e-wallet such as Alipay or WeChat Pay.”
Danchainam added: “We are expanding our team to support the growing demand from the domestic clients and also aiming to expand our reach to neighboring countries by partnering with Intouch.”
Digio is the first fintech company in InVent’s portfolio, which counts 11 startups in total. Other startups that InVent has funded before include Social Nation (VR advertising), Wongnai (local business review portal), Golfdigg (golf course booking platform), and Playbasis (mobile-first engagement solutions).
Based in Bangkok, Thailand, Digio provides turnkey payment solutions, including credit/debit card processing and e-wallets for financial institutions. It is considered the pioneer in mobile POS platforms in the country, enabling small merchants across Thailand to accept card payments — particularly by enabling transactions, payments, and signatures to be processed through smartphones. The system supports Thailand’s national e-payment policy, which aims to transform the country into a cashless society.
Speaking about the investment, Mr. Kim Siritaweechai, Executive Vice President – Portfolio Management and Head of Venture Capital Team (InVent) at Intouch, lauded fintech as potentially life-changing for users and for businesses.
“Intouch mainly focus our investment on telecommunication, media, and IT. By following our mission ‘Connecting Thais for Sustainable Growth’, InVent will help Intouch create sustainable growth for our shareholders, customers, and society through innovative technology. Fintech is one of the technology that we believe can improve customers’ convenience and make their life easier.”
Featured Image Credit: Digio