Hitting reset: Omise chases profit after rebranding blitz

After going through several name changes, Thailand-based payment platform Omise spent the last two years “returning to fundamentals.”

In late 2024, the firm retook the name Omise after brief stints as Synqa and then Opn between 2020 and 2023.

Omise founder Jun Hasegawa / Photo credit: Omise

“The rebrand helped realign our teams, messaging, and roadmap with the core payment space where we have the strongest market presence,” Jun Hasegawa, founder of Omise, tells Tech in Asia.

According to the company’s audited financial statement, revenue grew 67% year on year in 2024. This reverses declines in 2021 and 2022 as well as improves upon Omise’s 22% revenue growth in 2023.

Hasegawa says that the company experienced a strong rebound in merchant activity following the Covid-19 pandemic, most notably in ecommerce, travel, digital services, and financial services. This contributed to an increase in transaction volumes in 2024.

Amid this rebound, Omise doubled down on partnerships and expansion.

Last year, it collaborated with Malaysian e-wallet firm BigPay for the latter’s expansion into Thailand. It also acquired MerchantE, a US-based payment processor, in 2022.

These initiatives diversified Omise’s revenue streams and expanded its global footprint, Hasegawa says.

Growth vs. profits

Founded in 2013, Omise provides online payment solutions for businesses in Southeast Asia. Its services include processing credit and debit card transactions, managing bank transfers, and enabling clients to accept payments via e-wallets.

It provides these services to the likes of McDonald’s, DHL, and 7-Eleven.

Some of Omise’s competitors in the space include Xendit in Malaysia and 2C2P in Thailand, which – like Omise – are benefiting from a rise in digital payment adoption across Southeast Asia.

See also: Ant Group’s 2C2P slashes 2023 losses by 93%

Despite the revenue growth, Omise continued to report net losses in 2024 as it “focused heavily” on strengthening its product and tech stack, Hasegawa shares. That said, its net losses narrowed by 44% year on year.

Betting on AI