Omise Raises Expansion Round Financed by Golden Gate Ventures10/28/15 Wednesday
Singapore – October 28, 2015, the online payment gateway, Omise, announced today that it has raised a new expansion round of financing from Golden Gate Ventures to help Omise’s expansion to Singapore and around the region. This is the company’s third financing after its previous USD $2.6 million raised in May.
Founded in June 2013 in Thailand, Omise kicked off as an e-commerce platform but shortly after encountering cumbersome payment difficulties, pivoted towards creating a convenient one-stop payment solution which is simplified for both developers and merchants to work with. Omise allows e-commerce sites in Southeast Asia to quickly accept credit card payments with a simple plug-and-play interface build for software developers.
Introducing its easy-to-integrate online payment solution with its comeback during Thailand’s e-commerce “Golden Age” in 2015 shook the market immensely. Now the firm positions itself as one of the country’s leading online payment gateway serving more than 2,000 merchants of both national and international repute including one of the largest e-commerce sites in the country, renowned banks in the region, a local airline, and a telco. Their flagship customer TRUE is Thailand’s largest cable TV and Internet provider. The company had remarkable growth, growing 56% between Q1 and Q2 this year, and to 269% quarterly growth in Q3. The number of financial transactions occurring on the platform is estimated to accelerate by 50% into the hundreds-of-thousands transactions monthly.
Golden Gate Ventures had been tracking Omise for over a year, as much of their portfolio, including e-commerce startups, face difficultly with credit card payment providers around the region. Many existing incumbents don’t support the advanced functionality their portfolio needs, such as a simple user interface on mobile, nor recurring payments.
“Our investment thesis is that in order to create a massive success in Southeast Asia, companies need to expand beyond their home country to reach the half billion people that are coming online and rapidly adopting mobile internet and e-commerce. Expanding out from your home country is what separates the winners from the losers in this region. We’re excited to partner with Omise to aid in their expansion.” said Vinnie Lauria, Managing Partner of Golden Gate Ventures.
Omise now functions in Thailand and is currently running a closed beta test in Japan and Indonesia. This round of funding will be used to hire new talent and help the company extend beyond its existing borders, by first instilling secured resources including a Singapore-based business development team, as well as a support team to contribute to internal expansion and advance its growth. This fast-expanding startup expects to achieve its next milestone by pushing through to Singapore, Malaysia, Philippines and Hong Kong by mid next year; striving to be the best regional payment service provider by providing a modern web and mobile API across the most geographies in the region.
“We are optimistic about the e-commerce market in Thailand and the Asia Pacific region. In 2013, Thailand’s e-commerce market was worth approximately USD 900 million, and according to research, it is expected to reach USD 15 billion within the next 4 years.” says Mr. Jun Hasegawa, Omise’s CEO and Founder. “At Omise, we believe that online payment is a crucial principle in developing any kind of business over the internet and our primary goal is to deliver a service that is secure, well documented, all with simple implementation whether on mobile or web platform. Our endeavour is to create a full-featured online payment gateway easily accessible and available to everyone.”
Providing the best online payment solution since the beginning of 2015, Omise works to simplify and differentiate the online payment experience by aiming to establish as a “one-stop-shop” for payment backed by a suite of APIs that seamlessly work behind the scenes (white-labeled) to take care of transactions from the very beginning to the end. The service is narrowing the gap that staggers between the physical and online market today and is looking to add new forms of payment including internet banking and many more.
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About Golden Gate Ventures
Golden Gate Ventures is an early-stage venture capital firm investing across Southeast Asia. Since 2011, the firm has invested in over 25 companies across more than 7 countries in Asia. To date, their portfolio has raised over USD$150M in the region. The firm invests in internet and mobile startups across many sectors, including e-commerce, payments, marketplaces, mobile applications, and SaaS platforms. With its regional footprint and existing portfolio, the firm aims to add value and assist startups to excel and expand from one country to another.
Pataraporn (Carol) Crawford