Thailand-based fintech company SYNQA has raised $80 million in a Series C funding round for new cashless payment ventures.
In a June 22 announcement, SYNQA stated it had raised $80 million in a Series C funding round led by Siam Commercial Bank subsidiary SCB 10X and the Asia-based venture capital group SPARX.
Have you heard the news? After a lot of work, we closed our Series C and raised $80M! We're excited to deepen our footprint in the cashless societies in Asia by building innovative technologies. Thank you @techinasia for featuring us!https://t.co/cUHWB5YExB — SYNQA (@synqaglobal) June 22, 2020
Other investors included:
Toyota Financial Services Corporation
Sumitomo Mitsui Banking Corporation
SMBC Venture Capital
The Aioi Nissay Dowa Insurance Corporation
The company will use the investment to spread cashless solutions to businesses across Asia.
The fintech firm cited digital currency as just one solution among many while adding:
“In times of social distancing, fintech infrastructure such as payment gateways are key tools in performing day to day financial transactions in a fast, secure and convenient manner.”
A SYNQA representative said:
“There are many products and factors that can help a society become cashless…Our subsidiaries are developing new and improved technologies and financial infrastructure to enhance customer experiences with seamless value transfer systems that would also accommodate a cashless society.”
The representative adds:
“The new subsidiary [was] founded to especially meet market demands from enterprises to support them in their digital transformation…The team works closely with enterprises to develop end-to-end fintech digital transformation products like the Toyota Wallet.”