Mobile payment gateway provider Opn Co. was valued at roughly $1 billion (¥135 billion) in a $120 million funding round last month, making it one of a handful of unicorns in Japan.
The Tokyo-based company, previously known as Omise, owes much of its success to its early entry into another Asian nation: Thailand. Entering the market in 2013, when it was heavily reliant on cash transactions, Opn seized a sizable share of mobile payments by helping small businesses make the digital transition and getting the major network operators to adopt its technology, the company said.
The Series C+ funding marks a rare success for a Japanese startup at a time when venture capital is bracing for a sharp industry downturn. JIC Venture Growth Investments and Mars Growth Capital Pte participated in the round, while Japan’s largest bank, Mitsubishi UFJ Financial Group Inc., agreed to provide about $38 million as part of a loan guarantee program organized by the country’s trade ministry.