By Michelle Chin
29 October 2015
On 28 October, Omise.co, a Thailand-based online payments company, announced their third round of financing from Singapore-based venture capital firm, Golden Gate Ventures. While the amount of funding , for this newcomer in the payments space is undisclosed, it is believed to be a seven-figure sum
Omise raised $2.6 million in their Series A earlier this year in May after a round of seed-funding of $200,000 last August. This is the second largest investment Golden Gate Ventures has forked out thus far, and it is for Omise to expand their foothold in Southeast Asia, especially in Singapore, Malaysia, the Philippines and Hong Kong.
The company was founded in June 2013 and was initially launched as an e-commerce platform, where they faced difficulties with the payment platform.This led them to pivot their idea and now they facilitate e-commerce merchants in accepting credit card payments through a ‘plug-and-play interface built for software developers’.
With the injection of investment from Golden Gate Ventures, Omise also plans to hire new talents, to cater to the needs of their 2,000 and growing number of customers, which they claim include Thai cable TV and Internet provider, TRUE. At this point, Omise is already providing payments solutions to startups, SMEs and enterprises. However, they intend to do even more by white-labelling their services with a bank in Malaysia.
The payments space in Southeast Asia is growing rapidly with homegrown players in each country. Singapore’s Fastacash has recently teamed up with money transfer company, Xpress to allow international payments through social media networks. Ayannah, Philippines’ leading payments platform is also fortifying their position by diving into Big Data analytics. Malaysia’s SoftSpace and Vietnam’s MoMo are also experiencing rapid growth in the payments segment.
Image taken from Omise Facebook Page.