Japanese payment processing firm Opn obtains unicorn status after raising $120-million

Digital payment processor Opn, which was formerly known as Synqa, said it has raised $120-million in a Series C+ funding round, earning itself a unicorn status. 

Some investors that have participated in the funding round include government-backed JIC Venture Growth Investments, Mitsubishi UFG Financial Group, and tech investors Mars Growth Capital which has brought Opn’s total raised capital to date to $222-million. 

Opn, which has its registered headquarters in Tokyo and operational headquarters in Bangkok, said that the fresh capital will support the firm to continue developing services and product line-up while also pushing further into Southeast Asia as it rides the growth of digital payments in the region. 

The company while targeting to expand its geography also targets Japan, where digital transformation is a buzzword in government circles and companies are looking for help in processing cross-border payments. Jun Hasegawa, Opn founder, and CEO stated that: “They need a one-stop solution…that’s something we can provide.”“We are extremely excited and proud to bring on board this high-quality investment, allowing us to accelerate the development of our core payment solutions, while also expanding into new territories within our core markets of Southeast Asia and Japan and beyond,” as stated by Jun Hasegawa.

He also continued to state: “As we approach 10 years since we started as a payment gateway company, and now customized fintech solutions to help businesses grow, we have continued to obsess over how to make payments ever more seamless for both businesses and the people they serve. Through our fintech solutions, we are realizing our vision of enabling access to the digital economy for everyone.” 

Opn, was founded in 2013 in Bangkok by Jun Hasegawa and co-founder Ezra Don Harinsut. The company is one of Japan’s five unicorns, including news app operator SmartNews and biotech firm Spiber. Japan has a growing number of startups and foreign investors are becoming more common in funding round. However, it still lags behind countries like South Korea and Singapore with 12 and India which has more than 60 unicorns.

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