Thai digital payments startup Digio banks $4m in series B funding

Thai digital payments firm Digio announced it has raised US$4 million in a series B round from a number of investors to accelerate its product development.

The fundraise saw participation from Thai interbank payments provider PCC, Beacon Venture Capital, and Private Equity Trust for SME Growing Together 2.

Photo credit: Digio

Founded in 2012, the Bangkok-based startup initially focused on developing applications to turn mobile devices into point-of-sale systems. It has since expanded to provide both software and hardware payment solutions such as electronic data capture, soft tokens, and payment gateways.

The company recently secured a payment facilitating services license from the Bank of Thailand, allowing it to offer new payment services directly to consumers and small businesses.

Digio will use the new funds to accelerate product and services development. The company said that given the current public health crisis, the infrastructure supporting cashless payments now plays a bigger role in enabling online and offline transactions for consumers and businesses.

In collaboration with PCC, Digio recently launched FLite, a low-cost POS terminal that allows small and medium-sized businesses to securely accept and process contactless credit card payments.

The company has also worked with major Thai financial institutions to launch MeeBill, a product that allows online and offline retail merchants to issue invoices to customers and collect payments via QR codes.

“Our mission is to enable secure and frictionless digital payments in Thailand and the greater Southeast Asian region,” said Nopphorn Danchainam, the founder and CEO of Digio.

Currently, the company has three offices in Bangkok and Chiang Mai, serving clients from all over the region, including Japan, Malaysia, and Myanmar.

In 2017, the startup raised an undisclosed amount of series A money. Among the participants in the round was InVent, the VC arm of Singtel-backed Intouch.