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Golden Gate Ventures bets big on Thailand payments startup

By NexChange
Venture Capital

Singapore-based early stage investor Golden Gate Ventures has just made its biggest bet in Southeast Asia yet, an online payments gateway in Thailand called Omise.co.

Set up in 2013 by Japanese CEO Jun Hasegawa, Omise is still a relatively new kid on the block, but this is now its second round of institutional funding.  It raised a $2.3 million Series A round investment earlier this year. Golden Gate will not disclose how much it has invested, but the firm's average ticket size is  normally around seven-figures.

Ecommerce has been experiencing a renaissance in Southeast Asia for the past couple of years now with major international players like German incubator Rocket Internet, and Japanese internet giants Softbank and Rakuten, backing a slew of  startups. Ecommerce-related payments and logistics solutions are still is lacking however.

Omise is trying to lighten the load by offering a simple plug-and-play interface for software developers that make it easier to accept credit card payments.

Golden Gate says that Omise grew 56% in Q2, and 269% in Q3. The firm estimates that at this rate the firm will be processing hundreds-of-thousands of monthly transactions in 2016.

A big part of this strategy will be Omise's overseas ambitions. Part of the funding will be used for expansion into Indonesia and Singapore, the startup also has it eyes set on Hasegawa's native Japan.

We can expect a lot more big deals coming from Golden Gates. The firms raised $50 million for its second fund in the summer and it has a lot more dry powder to burn through.

Photo: Tiago Almeida

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