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Japan's Synqa raises $120m to battle payment giants

Fintech startup 'close to' unicorn status after equity, debt financing, CEO says

Synqa will change its name to Opn to reflect its ambition of becoming a global business. (Source photos by Shinya Sawai and Opn)

TOKYO -- Synqa, a Tokyo-based payments startup formerly known as Omise, raised $120 million in equity and debt from investors in a funding round its CEO said valued the company at close to $1 billion.

JIC Venture Growth Investments, a Japanese government-backed investment fund manager, and Mars Growth Capital, a venture capital fund jointly run by MUFG Bank and an Israeli fintech company, invested in the Series C+ round. MUFG Bank also agreed to provide a 5 billion yen ($38 million) loan as part of a loan guarantee scheme organized by the Ministry of Economy, Trade and Industry.

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