Fintech startup Clik bags US$3.7m in seed funding, scales up for launch

CAMBODIA-BASED fintech startup Clik has completed the final close of its US$3.7 million seed round, led by global payments software developer Openway Group, and Poems Ventures, the investment holding company of Singapore-based Phillip Capital.

Several angel investors, of which a third are from Cambodia, also participated in the round. The startup in November last year had first announced it raised over US$2 million from global partners such as Limestone Technology and other angel investors, and originally planned to launch in the second quarter of 2019.

Clik will now use the fresh funds to scale its product engineering and customer service teams in preparation for its official launch in Cambodia by the end of this year, it said in a statement on Wednesday.

"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," said Matthew Tippetts, chief executive and co-founder of Clik.

Founded in 2016, Clik is a payment aggregator which allows consumers to make contactless payments from their cards, wallets and bank accounts. Merchants on its platform will also be able to accept such payments. Merchants will also have access to analytics that are driven by fully anonymised data, while consumers can benefit from cash-back incentives that reward them for repeat purchases.

Its partners include Cambodian retailers such as leading pharmacy group Ucare Pharmacy; convenience shop brand Kiwimart; and conglomerate Chip Mong Retail. The company said it currently has close to 2,500 merchants on its platform, with five financial institutions in its beta programme.

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On Wednesday, Clik also announced that it has appointed Patrice Vignes as its chief operating officer, and Olivier Mermet as its chief design and strategy officer.

"Joining the team and contributing to the success of the group in its mission is an honour, and an opportunity to open amazing digital possibilities to all its clients and partners," said Mr Vignes, who has also joined Clik's board.

Denver Gibson, who was previously its deputy chief technology officer (CTO), has been promoted to CTO, while ex-CTO Darren Jensen is now its Blockchain technology adviser.

"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." said Mr Tippetts.