Omise (OMG), currently Thailand’s only blockchain-based online payment startup, announced that it has raised an undisclosed figure in yet another financing round, which was directed by Japanese venture capitalists at Global Brain.
Thailand is one of the first nations to become crypto-friendly, as the local government legalized seven cryptocurrencies. In light of the government’s support of blockchain technologies, Omise seems to have taken this unprecedented opportunity to raise funds to better its operations.
In a statement made by the Omise (OMG) team, it was revealed that the latest round of financing was made in a bid to raise capital for the startup’s penetration into markets that show substantial levels of growth, especially in Southeast Asia. Japan is also situated on the startup’s hit list, so to speak.
$42.5 Million Has Already Been Raised by Omise in Series B and Series B+ Rounds
Since its 2013 inception, the startup has undoubtedly come a long way. In 2016, SBI Asset Management led its Series B round, which gave the startup an essential $25 million during its ICO. The ICO outlined plans to deploy the Omise payment network which was to be, and still currently is, based on Ethereum.
Last year, a further $17.5 million was raised in a Series B+ round led by Krungsri Finnovate, which is the CVC arm of the third largest bank in Thailand – The Bank of Ayudhya (Krungsri).
Impressively, the market cap of OmiseGo (OMG) is hovering around the $475 million mark. However, it was valued at $2.6 billion in early January this year after it surpassed the elusive $1 billion milestone during mid-December of 2017.
Several Well-Known Entities Have Partnered with Omise Since Its Inception
In a company statement by the firm, the startup mentioned that the funding strengthens s its relationship with strategic partners, who are already involved in Omise Holding’s financial infrastructure developments.
These developments include their Go.Exchange, Omise payments, and OmiseGO products, which provide offline and online payment solutions to merchants, multi-currency support, and a payment gateway for markets in Thailand, Japan, and Singapore.
Its success with the deployment of these applications is clearly evident too. Currently, the fintech startup boasts partnerships with some of Thailand’s biggest retailers, such as McDonalds McThai brand, King Power, Allianz Ayudhya, and The Pizza Company.
Furthermore, the startup has international partnerships that reach as far out across the globe as the UK. This year, the startup partnered with Divyne London, who were looking for a borderless payment solution for their dental products sold in Thailand.
Plus, we have not yet mentioned the companies involved in the financing round. That includes the startup’s existing backers — Indonesia-based Sinar Mas Digital Ventures, Mitsui Fudosan, and 31VENTURES.
Omise and Global Brain Have Cemented Their Partnership
With Global Brian leading the latest financing round, the December 2017 partnership between the two appears to be concrete. Global Brain is an important strategic partner for Omise, as the Japan-based venture capital firm oozes authority in the financial marketplace, managing over $1 billion in assets.
Now, the partnership is firmly on track with its plans to bring forth a long-desired vision to create a fund that is focused on blockchain tech.
Global Brian began its foray in the blockchain industry just 3 years ago and has since formed its GB Blockchain Labs Corporation (GBBL) in 2017. The firm has also been an investing body in Coins/ph as well as Bluzelle blockchain startups.
In summary, the Asian sub-continent boasts some of the world’s fastest-growing economies and Omise has become an integral part of Southeast Asia’s bid to show that the region is more than ready to adopt blockchain technologies. The ICO project has proved that it is more than capable by producing blockchain payment solutions that are currently in demand. Moreover, the startup is already in full swing, moving forward with its plans to modernize parts of the Far East’s financial sectors through the clever formation of amicable regional and global partnerships.
In short, Omise is almost certainly set to be yet another blockchain startup success story.