Japan’s Opn Raises $120 Million, Becomes Rare Unicorn
Opn is a Tokyo-based company, earlier known as Synqa, that raised $120 million in a Series C+ Funding Round. The venture capital arm of the government-backed Japan investment corporation Mitsubishi UFJ financial group, trade investor Mars growth capital, contributed to the fundraising.
The Opn said that it would use the fund to expand its product line and spread its business operations in South Asia, which will help promote digital payments in that region.
The company wishes to target Japan as digital transformation is quite popular, and companies are seeking help in cross-border processing payments. They need a one-stop solution, and that is what the company can provide, said founder and chief executive Jun Hasegawa to Reuters in an interview.
Other investors of Opn are Toyota, Motor corp, and the Siam commercial bank became a unicorn at the latest fundraising, said the company without disclosing further details. Toyota and Thailand’s king power are the customers of opn. There are many startups in Japan, and outside investors are becoming more common in funding rounds.
SYNQA, now known as Opn, was founded in 2019. Opn makes fintech technology to help companies transform their value proposition by including financial products on their platforms. 51-200 employees are working in the company. Opn wishes to help all those enterprises overcome their biggest fintech challenges. Opn provides businesses with technology and technique that helps companies grow their revenue.
The company says that individuals can easily make their e-commerce site and control their business within a few clicks.