Business

Thailand’s Digio Raises $4Million In Series B Funding

Thailand-based payment technology provider Digio has raised $4 million in Series B round to accelerate its product and services development, according to an announcement. The investors participating in this round included Thai interbank payments provider PCC, Beacon Venture Capital, and Private Equity Trust for SME Growing Together 2.

Founded in 2012, the Bangkok-based startup initially focused on developing applications to turn mobile devices into point-of-sale systems. It has since expanded to provide both software and hardware payment solutions such as electronic data capture, soft tokens, and payment gateways.

The company has three offices in Bangkok and Chiang Mai. While based in Thailand, Digio’s client base covers Asian countries such as Japan, Malaysia, and Myanmar. Digio has won several public awards for innovation, notably including the Prime Minister Award at ‘Startup Thailand 2017’. Unlike most startup companies, Digio has been profitable since its inception and will continue to focus on maintaining a sustainable growth philosophy.

Mr. Nopphorn Danchainam, Founder and CEO of Digio, said, “We feel highly privileged to have long-standing trust from PCC and the major financial institutions in Thailand, and today’s investment will allow us to deliver a broader array of payment services to institutions and consumers alike.”

“Our mission is to enable secure and frictionless digital payments in Thailand and the greater Southeast Asian region. With long-standing trust from our partners, we can and will create financial solutions that not only impact businesses but also people’s lives and drive the endless possibility of digital payments,” concluded Mr. Danchainam.

The company recently secured a payment facilitating services license from the Bank of Thailand, allowing it to offer new payment services directly to consumers and small businesses.

Digio will use the new funds to accelerate product and services development. The company said that given the current public health crisis, the infrastructure supporting cashless payments now plays a bigger role in enabling online and offline transactions for consumers and businesses.

In collaboration with PCC, Digio recently launched FLite, a low-cost POS terminal that allows small and medium-sized businesses to securely accept and process contactless credit card payments.

The company has also worked with major Thai financial institutions to facilitate e-invoices and e-payments, culminating in the release of their latest product, MeeBill, which allows online and offline retail merchants to issue invoices to customers and collect QR payments via their mobile devices, as well as automatically reconciling the invoice against cash received.

The company has three offices in Bangkok and Chiang Mai with a client base that covers Asian countries such as Japan, Malaysia, and Myanmar. In 2017, Digio raised Series A funding from InVent, a venture capital arm of Intouch Holdings Public Company Limited. The funding amount was undisclosed.

 

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