SYNQA Rebrands as Opn, Raises $120M

Payment and embedded FinTech solutions firm Opn has raised $120 million in a Series C+ funding round, the Tokyo-based company announced Monday (May 9).

The round brings Opn’s total funding to $222 million, the company said in an announcement on its website. According to published reports, the round brings Opn’s valulation to north of $1 billion, making it one of just five “unicorns” in Japan.

With the funding comes a new name for Opn, which had previously been known as SYNQA. Opn said the rebranding is designed to “better reflect the company’s strategic vision and bold purpose of enabling access to the digital economy for everyone.”

The funding round was led by IC Venture Growth Investments, MUFG Bank Mars Growth Capital. Opn says it will use the capital to scale its business and expand to new locales.

“As we approach 10 years since we started as a payment gateway company, and now customized 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,” said Jun Hasegawa, the company’s founder and CEO. “Through our fintech solutions, we are realizing our vision of enabling access to the digital economy for everyone.”

Founded in 2013, Opn specializes in online payments and blockchain technology for FinTech applications. It works in tandem with its payment infrastructure sister company Omise, a Thailand-based firm which offers one-stop online payment solutions.

See also: Payment Platform Omise, i2c Partner on Payments Programs in Southeast Asia

Omise last year formed a partnership with digital payments and banking technology firm i2c to help allow Omise banking and FinTech clients to design and deploy virtual card payment programs in Southeast Asia.

Omise CEO Ezra Don Harinsut said i2c’s tech stack and reliability “will allow our clients to deploy robust new payments capabilities and help us improve cash flow for millions of consumers and small businesses very soon.”