SoftBank Ventures Asia Injects Digital Payments Startup

SoftBank Ventures Asia (SBVA) announced that it has officially become a lead investor in the Series B+ funding round of CHAI, one of the fastest growing payment solutions platforms in Asia.

SBVA and Nyca Partners jointly led the US$45 million round, with additional participation by other investors such as Conductive Ventures, Samsung NEXT, B Capital, Nordstar Capital and KT Investment.

CHAI will use this funding to expand its footprint in Southeast Asia and develop an end-to-end automated payment infrastructure for digital stores across Asian markets.

The Indonesian market has the potential to become a target for Chai’s expansion. The growth of the digital economy and the Covid-19 pandemic have accelerated the adoption of digital payments among consumers and shops/merchants.

Real-time payment transactions surged by 41% worldwide in 2020. In Southeast Asia, online gross transaction value (GMV) is expected to reach US$1 trillion by 2030.

Indonesia‘s digital economy market is predicted to dominate the Southeast Asian digital economy market with a transaction value of US$ 146 billion by 2025.

The potential of the Southeast Asian market is huge because the payment landscape in this region is still very fragmented, especially in the small and medium enterprise (SME) segment.

Founded in 2019, CHAI aims to bridge the payment gap in the Asian market by providing integrated payment solutions for online merchants through a single platform or single application programming interface.

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Summary

SoftBank Ventures Asia (SBVA) announced that it has officially become a lead investor in the Series B+ funding round of CHAI, one of the fastest growing payment solutions platforms in Asia.

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