InVent takes stake in fintech Digio
InVent, a venture capital arm of SET-listed Intouch Holdings, has invested in a fintech startup, Digio, to boost the fast-growing e-payment market.
Digio is the first fintech company in InVent's portfolio, which will strengthen Intouch's offerings in the mobile payment business.
Digio, meanwhile, can draw on financial and strategic support as it enters the CLMV (Cambodia, Laos, Myanmar and Vietnam) market next year.
The startup's record has shown it will create sustainable growth for Intouch's shareholders, according to Kim Siritaweechai, the executive vice-president of portfolio management and head of InVent at Intouch.
InVent has taken a 10% in stake in Digio but declined to say what it was worth.
Founded in Bangkok in 2012, Digio provides a unified payment technology including card-based payments and an e-wallet for financial institutions.
Digio's platform is compatible with all kinds of international and local card schemes, e-wallets, and offline and online payments.
It brought mobile point-of-sale (mPOS) technology to Thailand in 2013. Today there are approximately 100,000 devices deploying mPOS at small shops, restaurants, and among street vendors.
"Digio's mission is to transform Thailand into a cashless society by helping the development of electronic payment infrastructure," Mr Kim said.
Nopphorn Danchainam, founder and chief executive of Digio, said electronic payments will be a major part of the economy in the near future.
"We intend to help SMEs offer electronic card payments with acceptable fees. Digio's system can also accept payments from an e-wallet such as AliPay or WeChat Pay," he said.
Last year, the transaction volume handled by Digio's devices was around 20 billion baht, which it hopes to double this year.
Mr Kim said Intouch will take Digio to the CLMV market by next year and would be a listed company on the Thai stock exchange over the next three years.
InVent is a corporate venture capital project of Intouch Holdings. It has invested in 11 companies, including Digio. Its portfolio includes the international VR ad company, Social Nation; a local business review portal, Wongnai; a golf course booking platform, Golfdigg; and Playbasis, which offers mobile-first engagement solutions.