Thai digital wallet startup raises $80 mil. from Toyota financier, other Japanese investors

23, Jun. 2020

Photo by Nathan Dumlao on Unsplash
Photo by Nathan Dumlao on Unsplash

BANGKOK, NNA – Bangkok-based fintech startup Synqa Pte. Ltd. has raised $80 million in venture capital, largely from Toyota Motor Corp.’s financial arm, to help it expand digital wallet services.

Toyota Financial Services Corp. and three other Japanese financial institutions jointly announced Monday the investment in Synqa. The others are Sumitomo Mitsui Banking Corp., SMBC Venture Capital Co. and Aioi Nissay Dowa Insurance Co., an affiliate of MS & AD Insurance Group. Investors did not disclose how much each one had offered.

They had participated in Series C venture capital funding for Synqa, the Thai startup said in a statement.

Toyota Financial Services intends to use Synqa’s payment services and blockchain technology to expand its Toyota Wallet smartphone payment app, the investors said in a joint statement.

The automotive giant hopes to promote Toyota Wallet globally, a Toyota Financial spokesman told NNA in a telephone interview Monday.

SMBC and SMBC Venture Capital said in their statement they aim to help grow the cashless economy in Asia by combining Synqa’s technology with financial services. Aioi Nissay Dowa said in the statement it will use Toyota Wallet to develop new services and make premium and benefit payments easier.

Synqa, founded in 2015 by CEO Jun Hasegawa, operates now mainly in Southeast Asia. The startup was incorporated in Singapore and it’s headquartered in the Thai capital.