Cambodian-based fintech startup, Clik, has secured an additional US$3.7 million in seed funding it was confirmed this week.
The firm said that the seed funding was the largest in the mobile payments sector by a SEA startup.
The fintech was started in 2016 and has previously raised US$3.2 million from investors. Clik aims to deliver advanced contactless solutions using a merchant focused-approach, with data-driven insights, loyalty plans and marketing tools, also eliminating the need for multiple payment terminals.
“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,” said the chief executive and co-founder of Clik, Matthew Tippetts.
Clik has partnered with UK-based MYPINPAD – “the first company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its Android software-based Contactless Payments”.
In addition, Clik will integrate with the National Bank of Cambodia’s Bakong digital currency when it is released.
Clik seed funding
Clik has previously raised US$3.2 million (including $2 million in 2018) in seed funding from investors and global payment technology companies, including OpenWay (a European B2B payment firm).
“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” added Tippets.
The additional US$3.7 million announced in August 2020 was led by Openway and Poems PTE Ltd. (a Singapore-based PhillipCapital owned investment company). The Business Times also reported that “Several angel investors, of which a third are from Cambodia, also participated in the round.”
Clik said it will use the funds to scale its product engineering and customer service teams in preparation for its launch in Cambodia.
Clik is still not operating but their NBC application has been submitted and they plan to launch in 2020 in Cambodia.
Who are Clik’s Cambodian partners?
The fintech company has so far partnered with some key Cambodian companies in its beta program including:
- Ucare Pharmacy
- Chip Mong Retail
In addition, the company said it has nearly 2,500 merchants on its platform, including five financial institutions and access to 56,000 merchants through their partners.
Matthew Tippetts leads the company as Chairman with several accompanying Directors.
It was announced this week that Clik had appointed Patrice Vignes as its chief operating officer (COO) who was the former Chief Finance Office of Amret, and Olivier Mermet as its chief design and strategy officer.
Denver Gibson, had been promoted from deputy chief technology officer to CTO, and former CTO, Darren Jensen, was appointed as the Blockchain technology adviser.
Cambodia was ranked #10 in Fintech Magazine’s 10 Up and Coming Fintech Countries in July 2020 and the SEA has seen a massive shift in activity in the past two years with more fintech players; homegrown, regional and international entering the market.
The fintech publication estimates that there is a 50% adoption rate of fintech with people aged over 25 years old and that the market size is USD$3.5bn.
In July 2020 the two Cambodian technology associations also agreed to merge, the Cambodia Fintech Association (CFA) and the Cambodia Association of Finance & Technology (CAFT) becoming one body in the Kingdom.