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May 10, 2022

Japanese payments processor Opn secures unicorn status after $120m funding

Japanese digital payments processor Opn, formerly known as SYNQA, has joined the unicorn club after raising $120m in a C+ funding round.

JIC Venture Growth Investments, MUFG Bank and Mars Growth Capital invested in the financing round, which brings Opn’s total raised capital to date to $222m.

The fresh capital will support the firm to continue developing services and products for both people and businesses.

Opn also intends to use the fund to further scale up its business and expand into new geographies.

Opn founder and CEO Jun Hasegawa said: “We are extremely excited and proud to bring on board this high quality investment, allowing us to accelerate the development of our core payment solutions, while also expanding into new territories within our core markets of Southeast Asia and Japan and beyond.

“As we approach 10 years since we started as a payment gateway company, and now customised fintech solutions to help businesses grow, we have continued to obsess over how to make payment ever more seamless for both businesses and the people they serve. Through our fintech solutions, we are realising our vision of enabling access to the digital economy for everyone.”

Corporate rebrand

SYNQA, which owns Omise Payment and OPN Co, has been rebranded into “Opn” to better reflect strategic vision.

The new name underscores the firm’s commitment to making payment seamless and borderless for both people and businesses, a press release said.

The rebranding comes at a time of significant growth period for the company, which has grown its workforce to nearly 500 to cater to more than 7,000 merchant clients in six countries.

The firm recently launched Opn Tag platform for restaurants and hotels in Thailand. This platform supports contactless payment and delivery through NFC3 and QR code technology.

Opn plans to roll out a number of additional global services this year.

These include Opn Mint, which enables businesses to create NFTs for their brand, Opn Store, which allows people and businesses to set up online stores with integrated payment and fulfilment, and a digital wallet, which will allow businesses to integrate eWallet onto their platforms to increase customer engagement.

Hasegawa commented: “The new Opn represents our expanded vision starting today. We are a full funnel fintech platform which enables everyone to bypass the difficult to navigate payment experience that exists today.”

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