Cambodian Fintech Startup Clik Raises USD$ 2 Million Seed Fundingby Company Announcement November 13, 2018
Clik, a Phnom Penh-based startup building a Fintech platform has raised USD$2 million in seed funding from global partners and investors and is officially launching in Cambodia in Q2 of 2019 upon receiving its Payment Service Provider license from the National Bank of Cambodia.
Funding was led by global tech firms, Limestone Technology, and OpenWay, along with several angel investors from Cambodia’s retail sector. The startup is considering raising an additional USD$1 million to further complement its latest seed / pre-series A funding round.
Founded in 2016 by serial entrepreneurs, Matthew Tippetts, Skye Cornell and Darren Jensen, Clik is a payment gateway and aggregator that aims to provide a safe, seamless and simple payment experience to everyone. Their partners include established Cambodian retailers, such as uCARE Pharma, Hard Rock Cafe Phnom Penh and MEAS Group.
“Clik is a revolutionary payment app that aims to change the way consumers and merchants interact and experience digital payments,”
said Matthew Tippetts, CEO and Co-Founder of Clik.
“digital payments are becoming more and more fragmented with limited customer data – you need to do something more, which is why we’ll provide brick and mortar businesses with customer insight beyond what is available online, as well as tools to act on this insight to grow profits, such as analytics, loyalty programs, & micro-targeted messaging management. We’re about creating a personalized customer experience as well as a seamless payment experience.”
Although electronic payments in Cambodia are deemed to be at an early stage as compared to the rest of Southeast Asia, the industry has grown steadily in the past three years according to a 2017 study by the United Nations; In particular, Internet banking and payment services that offer consumers better access to their funds and facilitate real-time trade transactions. With an internet economy boasting over 7 million internet users and 8.4 million smartphones (27m SIMs), it is this growing vertical that Clik aims to target and leverage on.
“We’ve put a lot of thought into solving the Consumer’s pain points”
said Co-Founder and Chief Marketing Officer, Skye Cornell.
“Our integrated loyalty plans remove the hassle of the old card systems and our mPOS platform makes using bank cards safer. By delivering real value and personalized experiences, we can make their lives easier. Security is another key benefit we expect to differentiate ourselves with; our eKYC process uses artificial intelligence and machine learning to reduce identity fraud and our technology supports AML/CFT and fraud prevention. “
Featured image credit: clik.asia