Omise, a Thailand-based payment enabler, is in the money today after it raised a $2.6 million Series A round to develop its payment gateway system and expand across Asia.
Two-year-old Omise’s funding was led by Indonesian VC SMDV, with participation from existing investor East Ventures. 500 Tuktuks — 500 Startups’ dedicated fund for Thailand — and, interestingly, Thailand-based mobile operator True completed the line-up. (Working with a telco in Southeast Asia often open doors and scaling opportunities with both partners and consumers.)
The timing of the round is noteworthy, coming just a week after 2C2P, a rival in Southeast Asia, nabbed $7 million in fresh funding. Paysby, which is owned by operator DTAC, is yet another competitor in Thailand — there are plenty more across the region. The sheer number of entrepreneurs focused on the problem, indicates just how painful the current system is for retailers, startups and others.
So what is it about…
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