Tokyo- And Bangkok-Based Opn, Formerly Synqa, A Digital Payments And Blockchain Tech Provider, Raises A $120M Series C+ At A $1B+ Valuation
Jun Hasegawa, founder and CEO of Opn speaks at the office of the company at the company’s office in Tokyo, Japan May 6, 2022. The picture was taken on May 6, 2022. REUTERS/Sam Nussey
TOKYO 9 MAY (Reuters) The digital payments processor Opn was formerly named Synqa, has announced it received $120 million from the series C+ round of funding that has become the only unicorn company valued at over $1 billion in Japan.
The company raised money via the venture capital department that is part of the state-run Japan Investment Corporation, Mitsubishi UFJ Financial Group (8306.T) with trade ministry guarantees and the tech Investor Mars Growth Capital.
Opn is a company with its corporate headquarters registered in Tokyo and its operational headquarters in Bangkok the city of Bangkok, has announced that it will utilize the funds to increase its range of products and expand forward in Southeast Asia as it rides the growing demand for digital payments in the region.
The company also targets Japan in a country where digitization is a buzzword within the government and businesses are seeking assistance in processing payments across borders.
“They need a one-stop solution… this is something we’re able to provide,” founder and Chief Executive Jun Hasegawa told Reuters in an interview.
Hasegawa was introduced to his co-founder Ezra Don Harinsut when he returned from a trip and discovered the current president of the startup at his parent’s home on a trip to Japan.
The two businessmen began the company in Bangkok in the year 2013.
Opn who’s others investors are Toyota Motor Corp and Siam Commercial Bank was declared a unicorn at the most recent fundraising, the company announced without giving more information.
Opn’s clients include Toyota as well as King Power of Thailand. King Power.
Japan has an increasing number of startups. Foreign investors are becoming more prevalent in financing rounds, even though Japan is lagging behind its competitors.
Japan is home to five unicorns in its portfolio, including the operator of the news app SmartNews and biotech company Spiber in accordance with CB Insights. This compares to 12 unicorns of them in South Korea and Singapore and more than 60 in India.