Omise Blockchain | Photo

Omise Lands Japanese Investment to Bolster Its Blockchain Stripe Alternative

18 October 2018

Japanese venture capital firm Global Brain has led an strategic investment in Omise, the Thailand-based fintech startup that has been making waves in the blockchain space. The amount of the investment and other financial details were not disclosed.

It was joined by 31Ventures – the corporate VC arm of Tokyo-based real estate developer Mitsui Fudosan – while existing investor, Indonesia’s Sinar Mas Digital Ventures (SMDV), returned to increase its stake.

Omise provides a digital payments gateway somewhat in the mold of US unicorn Stripe, incorporating an acceptance interface, e-wallet, and cross-border remittances. It also offers its own blockchain layer and cryptocurrency – both named OmiseGo – as well as Go.Exchange, a platform for trading and converting digital tokens and fiat currency.

Omise has already partnered with Global Brain in the past. The two have collaborated on initiatives including the Ethereum Community Fund and Neutrino, a blockchain-focused co-working space with branches in Tokyo and Singapore.

According to Omise, the strategic partnerships with Global Brain, Mitsui Fudosan, and SMDV will assist its expansion plans in Japan, Southeast Asia, and other key, high-growth markets, including building partnerships and alliances with its potential clients.

A spokesperson for the startup told Tech in Asia that it aims to sign up new enterprise clients regionally and globally. While Omise has been present in Japan since May 2016, it anticipates significant growth opportunity for its products in the country.

Japan is one of most enthusiastic countries when it comes to adoption of new technology such as blockchain and new forms of payments […] We have a number of services under Omise Holdings which our investors portfolio companies could choose to implement according to the requirements of their business needs, the spokesperson said.

Omise’s most recent venture round was its US$17.5 million series B raise in July 2016. Japan’s SBI Investment led that round, with Krungsri Finnovate – the VC unit of Thailand’s Bank of Ayudhya providing follow-on funding last year.

In a July 2017 initial coin offering, Omise raised the equivalent of US$25 million.

Source: Tech in Asia