Toyota invests in Thai startup Synqa

Synqa raises $80 million from Siam Commercial, Toyota and others.

Siam Commercial Bank Pcl said on Monday that payments startup Synqa raised $80 million from the Thai lender and other companies including Japan's Sumitomo Mitsui and Toyota, reflecting investor appetite for the digital market.

Bangkok-based Synqa, formerly known as Omise, was founded in 2013 as a payment gateway.

"Despite these challenging times, I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises. This funding will accelerate the development of quality products and services," Synqa founder and Chief Executive Officer Jun Hasegawa said.

The Series C funding round was also joined by Japanese investors Sumitomo Mitsui Banking Corp (SMBC), Toyota Financial Services Corp, SMBC Venture Capital, Aioi Nissay Dowa Insurance Corp and other investors, according to the statement from Siam Commercial Bank.

Thailand's fourth-largest lender by assets, Siam Commercial Bank, led the funding round and has also invested in startups such as Indonesian ride-hailing app Go-Jek and U.S.-based blockchain firm Ripple as part of its digital transformation strategy.