US$17.5mil Series B boost for payments startup Omise

• Brings total amount of funding to US$25mil+ since launch
• New investment to boost SEA journey, product development

SINGAPORE-incorporated and Thailand-based payment solutions startup Omise said it has secured US$17.5 million in Series B funding, bringing the total amount it has raised to more than US$25 million since its June 2013 launch.
 
The latest round was led by Japanese venture capital firm SBI Investment, with “significant participation” by undisclosed partners, the company said in a statement.
 
Also participating were returning investors Sinar Mas Digital Ventures (SMDV), Ascend Money, and Golden Gate Ventures.
 
The round marks one of the largest Series B investments for a fintech (financial technology) company in South-East Asia to date, it declared.
 
Much of the new financing will go towards expanding its operations across South-East Asian markets, and to accelerate product development, it said in its statement.
 
Omise currently operates in Thailand and recently launched its service in Japan, saying that it sees a long-term opportunity in cross-border growth in South-East Asian and APEC (Asia Pacific Economic Cooperation) member countries.
 
Omise has offices in Indonesia and Singapore and expects to offer its services by the end of the year in these two markets.
 
“The advent of online commerce has significantly broken down trade frontiers, making it easier than ever for any business to expand beyond their home country, and payments is a key driver of that opportunity,” said chief executive officer Jun Hasegawa (pic above).
 
“Among the many payment platforms in the region, Omise is unique in its focus, which is to deliver enterprise-grade capabilities with simplicity and ease, specifically for South-East Asian and APEC member countries,” he declared.
 
Omise claimed its customers range from small and medium enterprises (SMEs) to multinational companies, and that it currently processes for thousands of merchants in Thailand and Japan, among them TRUE, Nok Air, and Minor International.
 
Senior management buff
 
Meanwhile, the company announced that June Seah and Michael Bradley of Visa Asia Pacific and CyberSource, respectively, are joining its advisory board.
 
Seah had a 20-year career with Visa, most recently as executive in its merchant services organization, while Bradley led CyberSource Asia Pacific for Visa and in addition to his advisory role, will serve as Omise’s chief commercial officer.
 
The company also announced that Sanjeev Kumar, who recently led merchant solutions and strategy for Visa CyberSource in Asia Pacific, joins as chief product officer; while Luke Cheng, who most recently led Groupon’s Asia Pacific region, will serve as chief financial officer.
 
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