InVent invests in Series A financing round for e-payment start-up Digio
InVent, a venture-capital arm of Intouch Holdings, has invested in a Series A financing round for e-payment and e-wallet start-up Digio (Thailand) Co.
Kim Siritaweechai, Intouch executive vice president for portfolio management and head of InVent, said Intouch mainly focused its investment on telecommunications, media, and information technology.
By following its mission “Connecting Thais for Sustainable Growth”, InVent will help Intouch create sustainable growth for shareholders, customers and society in general through innovative technology, the company says. Financial technology is one of the areas where the company believes it can improve customers’ convenience and make their lives easier.
“Digio is the first fintech company that has caught our eye,” Kim said. “Its impressive growth and traction have proved that it is one of the leading fintech companies in Thailand.
“Intouch always has an eye on payment business. Led by mPAY, a mobile e-wallet company, we began supporting our customers’ needs for mobile payment [channels] many years ago. Digio will definitely help us strengthen our position in mobile payment and also in other fields in the world of financial technology.”
Bangkok-based Digio provides turnkey payment solutions including card-based payment and e-wallets for financial institutions. The company is known for being a pioneer of mobile point-of-sale (mPOS) technology in Thailand.
This technology has enabled thousands of small merchants in Thailand to accept payments via electronic cards. It also conforms with and supports the government’s national e-payment policy to increase the use of e-payment and transform Thailand into a cashless society.
Nopphorn Danchainam, founder and chief executive officer of Digio, said the company was expanding its team to support the growing demand from domestic clients and was also aiming to expand into neighbouring countries by partnering with Intouch.
Digio is the 11th company in InVent’s portfolio, and the first fintech start-up it has backed. Previous investments by InVent include international virtual-reality advertising company Social Nation, local business review portal Wongnai, golf-course booking platform Golfdigg, and mobile-first engagement solution Playbasis.