Logo of Phnom Penh Post newspaper Phnom Penh Post - Clik secures $3.7M seed funding round

Clik secures $3.7M seed funding round

Clik secures $3.7M seed funding round

Phnom Penh-based fintech start-up Clik Payment (Cambodia) Plc announced on Wednesday that it raised $3.7 million in round-one seed funding from global partners and investors.

The financing is the largest ever in Southeast Asia for mobile payments, loyalty programmes, data visualisation, business intelligence and cloud data services, Clik said.

It said funding was led by Openway and Poems Pte Ltd, the investment holding company of Singapore financial house Phillip Capital Pte Ltd, which has more than $35 billion under management.

Among other participants were several global angel investors, a third of which are Cambodia-based.

The financing includes $2 million of commitments announced at the end of 2018 and enables Clik to scale its product engineering and customer service teams as it progresses towards an official launch in Cambodia at the end of this year.

Clik was founded in 2016 and is a payment aggregator that allows consumer payments from cards, wallets and bank accounts accepted by merchants.

It works closely with MYPINPAD Ltd, the first and only company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software-only Contactless Payments on Commercial (CPoC) off-the-shelf solutions.

MYPINPAD Asia head Morten Hofstad said the company looks forward to supporting Clik in delivering its electronic-know-your customer (eKYC) rapid merchant onboarding solution which will reduce friction and raise financial inclusion for micro, small and medium-sized enterprises (MSMEs).

He said: “MYPINPAD’s aim is to enable greater financial inclusion with an enhanced consumer experience which will help open and grow new markets for card acceptance.”

Clik CEO and co-founder Matthew Tippetts said: “After two years of scaling up and defining the fundamentals of our regional market strategy, we’re ready to accelerate our growth with the closure of our seed round.

“Our goal here is to offer merchants and consumers a much-needed and attractive digital alternative to cash.”

Despite Covid-19 setbacks, he said, Clik has continued to go from strength-to-strength, focusing on much needed contactless payment solutions and data-driven tools to enable both merchants and consumers to benefit.

“The closing of our seed round is a sign that investors are eager to back future-proof platforms for the ‘new normal’ that will inevitably exist post-Covid.

“It also shows that investors see attractive opportunities for investment in Cambodia, especially in start-ups with robust regional potential,” Tippets said.

Clik partnerships include close to 2,500 merchants and five financial institutions with indirect access to over 56,000 merchants in the Kingdom.

Key partners include leading pharmacy group Ucare Pharmacy, convenience store brand Kiwimart and Chip Mong Retail Co Ltd.

MOST VIEWED

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year

  • Covid-19 vaccination now obligatory

    Prime Minister Hun Sen on April 11 issued a sub-decree making Covid-19 vaccination compulsory for individuals unless they have a medical certificate proving they have pre-existing health conditions that prevent them from doing so. «This applies to all members of the armed forces and civil servants