Cambodia Funding

Cambodian Fintech Startup Clik Raises US$3.7 Million In Seed Funding

Clik, a Cambodian fintech startup, has completed the final close of its US$3.7 million seed round led by Openway and Poems Pte Ltd along with several global angel investors, a third of which are Cambodia-based.

This round of financing, which includes the US$2 million of commitments announced at the end of 2018, will enable Clik to scale its product engineering and customer service teams as it progresses towards its official launch in Cambodia by the end of 2020.

Matthew Tippetts

Matthew Tippetts, CEO and Co-Founder of Clik said,

“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.”

Founded in 2016, Clik is a payment aggregator enabling consumer payments from cards, wallets and bank accounts while enabling merchants to accept such payments. As Cambodia’s independent mPOS and SoftPOS merchant acquirer, Clik provides all these payments in contactless (tap to pay) mode.

Having developed their own eKYC solution, Clik can reportedly onboard consumers and merchants in minutes while adhering to data privacy, security and banking regulatory standards. In due course, Clik will integrate with Bakong, a blockchain-based digital currency, by the National Bank of Cambodia.

In another development, Clik formed a collaboration with MYPINPAD, a payments software authentication solutions, to launch tap-to-pay digital payments using mobile devices.

The company said it is on track for a nation-wide launch at the end of this year, as they currently have close to 2,500 merchants and 5 financial institutions in their beta programs and access to over 56,000 more merchants via their partners.

In conjunction with the funding round, Clik has also announced the key hirings of Patrice Vignes as Chief Operating Officer and Board Member, as well as Olivier Mermet as Chief Design and Strategy Officer.

Denver Gibson, previously Clik’s Deputy Chief Technology Officer has been promoted to Chief Technology Officer as ex-CTO Darren Jensen remains as Blockchain technology advisor.

Featured image: Matthew Tippetts, CEO and Co-Founder of Clik