InVent invests in fintech start-up
InVent, a venture-capital arm of Intouch Holdings, has participated in the Series A financing round for payment and e-wallet technology start-up Digio (Thailand) Co, which aims to tap into the rapidly growing e-payment market in Thailand and Southeast Asia.
Kim Siritaweechai, executive vice president for portfolio management and head of the venture-capital team at Intouch Holdings, said Intouch mainly focused on telecommunications, media and information technology.
By following its mission “Connecting Thais for Sustainable Growth”, InVent says it will help Intouch create sustainable growth for its shareholders, customers and society through innovative technology.
“Fintech is one of the technologies that we believe can improve customers’ convenience and make their lives easier,” Kim said.
“Digio is the first fintech company that has caught our eye. Its impressive growth and traction have proved that it is one of the leading fintech companies in Thailand.
“Intouch always has an eye on the payment business. Led by mPAY, a mobile e-wallet company, we began supporting our customers’ need for mobile payment many years ago.
“Digio will definitely help us strengthen our position in mobile payment and other fields in the world of financial technology,” he said.
Bangkok-based Digio provides turnkey payment solutions including card-based payment and e-wallets for financial institutions.
The company is widely known as a pioneer of mobile point-of-sale (mPOS) technology in Thailand. This technology has enabled thousands of small merchants to accept electronic card payments.