- Companies
- Opn
Last Opn valuation
$1B
Series C · May 2022
Last Opn funding round
$120M
Series C · May 2022
Cumulative funding Opn raised
$220M
across 5 funding rounds
Key investors in Opn
East Ventures
SMDV
500 Global
SMBC Venture Capital
SBI Investment
Golden Gate Ventures
About Opn
Opn is a Bangkok-headquartered fintech platform, rebranded from SYNQA in 2022, delivering payment processing, blockchain solutions, and digital transformation services across Asia since 2013. Powered by Omise, it supports thousands of merchants with gateways for cards, wallets, and bank transfers. Opn enables embedded finance for platforms in e-commerce and ride-hailing.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$1B (May 2022)
Opn Valuation
Opn is currently valued at $1B, based on its Series C in May 2022.
The $120M round included MUFG, JIC Venture Growth Investments and Mars Growth Capital.
Opn valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2022 | Series C | $1B |
Opn Funding History
Opn has raised a total of $220M across 5 funding rounds.
Opn's first fundraising round was a $300K seed round in August 2014. The most recent completed round was a $120M Series C in May 2022.
Opn funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Series C | MUFG; JIC Venture Growth Investments; Mars Growth Capital | $120M | $1B | - |
| Jun 2020 | Series C | SCB 10X (lead); SPARX Group (lead); Toyota Financial Services; Aioi Nissay Dowa Insurance; Sumitomo Mitsui Trust Bank; SMBC Venture Capital | $80M | - | Opn, operating as SYNQA (formerly Omise Holdings), is a Thailand-based fintech company focused on payment solutions, including gateways for acceptance, cross-border remittances, and blockchain-based transfers via subsidiaries like Omise. Founded in 2013 as Omise, it provides tools for merchants across Asia to accept payments and connect with global customers, supporting digital transformation in cashless economies. On June 22, 2020, SYNQA raised $80 million in a Series C funding round led by SCB 10X and SparX Group (through Mirai Creation Fund II), with participation from Aioi Nissay Dowa Insurance, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, Toyota Financial Services, and others. The funds aim to enhance enterprise solutions, expand services in Asia, bolster the Omise payment gateway with additional capabilities, and launch a new subsidiary for fintech transformation needs. Strategic partnerships with investors like SCB 10X will leverage SYNQA's technologies, such as open APIs and the OMG Network on Ethereum, for products including the Toyota Wallet App, accelerating ecosystem growth amid digital payment opportunities. |
| Jul 2016 | Series B | SBI Investment (lead); Ascend Venture Group; SMDV; Golden Gate Ventures; EV Growth | $18M | - | - |
| May 2015 | Series A | SMDV (lead); East Ventures; True Incube; 500 Global | $3M | - | - |
| Aug 2014 | Seed | East Ventures (lead) | $300K | - | - |
Who has invested in Opn?
17 investors have backed Opn across its funding rounds, including East Ventures, SMDV, 500 Global, SMBC Venture Capital, SBI Investment and Golden Gate Ventures.
Lead investors include SCB 10X, SPARX Group, SBI Investment, SMDV and East Ventures.
Opn Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2015 | ||
| 2 | Lead | Aug 2014 | ||
| 1 | Lead | Jun 2020 | ||
| 1 | Lead | Jun 2020 | ||
| 1 | Participant | May 2022 | ||
| 1 | Participant | Jul 2016 | ||
| 1 | Participant | May 2022 | ||
| 1 | Participant | Jun 2020 | ||
| 1 | Lead | Jul 2016 | ||
| 1 | Participant | Jun 2020 | ||
| 1 | Participant | May 2015 | ||
| 1 | Participant | Jul 2016 | ||
| 1 | Participant | Jul 2016 | ||
This data is available for Pro users. Sign up to see all 17 Opn investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Opn
Opn has acquired 2 companies to date.
Last acquisition by Opn was on November 15th 2022. Opn acquired MerchantE for $360M.
Latest Acquisitions by Opn
| Description | MerchantE is a Minneapolis-headquartered payments platform processing $17 billion annually for 13,000 mid-market B2B merchants across the U.S. It offers front-end gateways and back-end settlement with direct card brand connections for Visa and Mastercard. The full-stack solution includes tokenization and virtual cards, ranking it among the top 25 U.S. processors. | Eventpop is a Thailand-headquartered end-to-end platform for event discovery, ticketing, and management across Asia. The app enables users to browse concerts, marathons, and workshops in Bangkok, Singapore, and Manila with seamless mobile purchases and updates. Eventpop provides organizers with on-site check-in, customer support, and fulfillment services for festivals like Big Mountain Music Festival and corporate conferences. |
| HQ Country | ||
| HQ City | Alpharetta, GA | Bangkok |
| Deal Date | 15 Nov 2022 | 11 Aug 2021 |
| Valuation | $360M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Opn acquisitions and their M&A valuation multiples. Start Free Trial | ||
Opn Competitors
Opn competitors include listed companies like Worldline and Fawry, and private ones like Mesh, PPRO, zerohash and Juspay.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $4.6B | ($5.2B) | $887M | 0.7x | ||
| Private | $55M | - | $1.2B | 19.7x | ||
| Publicly listed | $166M | $73M | $1.2B | 5.2x |
Opn Public Comps
Opn is still privately-owned, but its public comps include Jiangsu Tongxingbao, Deluxe, Optasia, Worldline, HashKey Holdings, Cuscal, Isracard, BitGo Holdings, OSL Group and PicPay.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $159M | $47M | 2.7x | - | 9.2x | - | |||
| $2.1B | $379M | 1.2x | 1.2x | 6.7x | 5.6x | |||
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $297M | $22M | 5.1x | 5.8x | 67.8x | 24.6x | |||
| $1.2B | $48M | 1.9x | - | 49.8x | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
This data is available for Pro users. Sign up to see all Opn competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Opn
| When was Opn founded? | Opn was founded in 2013. |
| Where is Opn headquartered? | Opn is headquartered in Tokyo, Japan. |
| Is Opn publicly listed? | No, Opn is a private, VC-backed company. |
| What is Opn's valuation? | Opn was last valued at $1B in its Series C in May 2022. |
| How much funding has Opn raised? | Opn has raised $220M across 5 funding rounds. |
| What was Opn's last funding round? | Opn's last funding round was a $120M Series C in May 2022. |
| Who are Opn's investors? | Opn's investors include SMDV, East Ventures, SCB 10X, SPARX Group, MUFG, Ascend Venture Group, JIC Venture Growth Investments, Toyota Financial Services, SBI Investment, Aioi Nissay Dowa Insurance and 7 others. |
| Which companies are comparable to Opn? | Companies comparable to Opn include Mesh, PPRO, zerohash, Worldline, Juspay and Fawry. |
| How many companies has Opn acquired? | Opn has acquired 2 companies, including MerchantE and Eventpop. |
| What was the largest acquisition by Opn? | The $360M acquisition of MerchantE in November 2022 is the largest acquisition Opn has made to date. |
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