It isn’t often that you see startups buying chunks of large corporates, but that’s what has happened in Thailand this week.
Following the closure of its $25 million ICO token sale yesterday, Asian fintech startup Omise has bulked up its core payment business after it acquired Paysbuy from Thailand-based mobile operator Dtac.
The deal will see Omise take over Paybuy’s assets and services, which include a payment gateway and digital wallet used by both consumers and businesses in Thailand and Myanmar.
Omise is based in Thailand, and it has raised over $20 million from traditional VCs.
Its service also operates in Indonesia and Japan with plans to expand in Asia, while it is hatching grand plans for a decentralized payment network called Omise Go.
Dtac, which is owned by European mobile giant Telenor, acquired Paysbuy back in 2008 in an undisclosed deal that was one of the first startup acquisitions in Thailand.