Digio (Thailand) Co Ltd., an e-wallet technology startup based in Bangkok has raised an undisclosed Series A funding from InVent, a venture capital arm of Intouch Holdings Pcl.
Digio will become the first fintech startup among the company’s investment portfolio, which counts 11 startups in total. Together with Digio, the startups aim to tap into the rapidly growing e-payment market in Thailand as well as the rest of Southeast Asia.
“Digio will definitely help us strengthen our position in mobile payment and also in the world of financial technology,” Kim Siritaweechai, the Executive Vice President and Head of InVent said.
The startup is known as the pioneer of mobile point-of-sale (mPOS) technology in Thailand, wherein its technology has enabled small merchants in Thailand to accept electronic card payment through a secure solution for receiving customer’s’ signature electronically.
Digio also provides turnkey payment solutions such as card-based payment and e-wallet for a financial institution, where it counts payment giants Mastercard and Visa as its partner.
This system lies in line with the National e-Payment policy of the Thai government to increase the use of electronic payments and transform the country into a cashless society.
“I have foreseen that the electronic payment will be a major part of Thai’s economy in the near future so I decided to set up Digio which was initially focused on card payment services,” said Nopphrn Danchainam, the founder and CEO of Digio.
“We were the first to bring mPOS technology to Thailand with a goal to enable SMEs to accept electronic card payment with acceptable fees. Currently, Digio system can also accept payment from e-wallets such as Alipay or WeChat Pay,” Danchainam added.
InVent’s previous investments include international VR advertising company Social Nation, local business review portal Wongnai, golf course booking platform Golfdigg and mobile-first engagement solutions Playbasis.
Intouch mainly focuses their investments on telecommunication, media and IT – following a mission to connect Thais for sustainable growth. The company believes that fintech is one of the technologies that can improve customers’ convenience and make their life easier.
Digio’s founder and CEO Nopphorn Danchainam said that the company would be using the funds, as well as the extensive partner network provided by InTouch to recruit more personnel and begin plotting expansion into neighboring countries.
This news is published on Reuters.