Cambodian payment gateway gets $2m seed funding, aims for 2019 launch

Clik’s CEO and co-founder, Matthew Tippets / Photo credit: Clik

The fintech scene in Cambodia has been gaining momentum in recent years, with more startups choosing to base its operations in the country.

With the National Bank of Cambodia (NBC) promoting e-payments, the country provides growth opportunities for digital payment firms such as Clik.

The majority of transactions are still done through cash, claimed Clik’s CEO and co-founder, Matthew Tippetts. This is set to change with young and tech-savvy Cambodians embracing technology like mobile payments.

“You see a lot of new payment players fragmenting the market. We are only scratching the surface of the opportunity,” explained Tippetts.

With Cambodia’s online economy reaching 8.5 million internet users, Clik aims to target and leverage on this vertical.

The fintech startup has raised US$2 million in seed funding from investors. The round was led by Limestone Technology and OpenWay, joined by angel investors from the country’s retail sector.

The money will be used to drive development for Clik’s beta version and to prepare it for commercial release. It’s slated for launch in Q2 2019, as soon as the startup receives a payment service provider license from NBC.

Clik is an end-to-end e-payment solution. Both merchants and consumers have designated apps for smartphone transactions. For merchants that want to accept physical bank cards, the company offers a mobile point-of-sale device that can be paired with the merchant app.

It will also be providing brick-and-mortar businesses with customer insight, plus the tools to act on insights to grow profits.

“This includes analytics, loyalty programs, and micro-targeted messaging management,” said Tippetts. “Physical shops have very little access to customer data as compared online businesses. Gaining and retaining customers can also be a challenge for small and medium enterprises.”

Phnom Penh-based Clik has already established partnerships with local companies, including restaurant chain operator Meas Group and healthcare retailer Ucare Pharma.

Update (Nov. 15, 6:40 pm): Added more information about Clik’s business model and Cambodia’s digital ecosystem.