Cambodia-based fintech startup, Clik has announced that it has secured US$3.7 million in a seed funding round.
The round of funding was led by Openway and Poems Pte Ltd, an investment holding company of Singapore-based fund manager Phillip Capital.
The quantum of money raised will make the investment “Southeast Asia’s largest-ever seed round in mobile payments, loyalty programs, data visualization, business intelligence, and cloud data services.”
The fresh funds will be used in research and development to further enhance Clik’s product engineering. Also, the customer service department will receive a boost as the 2016-founded startup inches towards an official launch in Cambodia by the end of the year.
Clik had formerly raised a seed round of $2 million in 2018 which was led by OpenWay Group and Limestone Technology.
CEO and Co-Founder of Clik, Matthew Tippetts said in the statement, “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.”
“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,” he went on. “It also shows that investors see attractive opportunities for investment in Cambodia, especially in start-ups with robust regional potential.”