Sam Nussey

TOKYO, Reuters -Opn, a digital payments processor, was formerly called Synqa. It raised $120m in a Series C+ round of funding. This makes it a rare unicorn or startup that is worth over $1 billion in Japan.

Funds were raised by Mitsubishi UFJ, the venture capital arm, of Japan Investment Corporation.

Opn is an international company with its registered office in Tokyo and operations in Bangkok. The firm said the funds will be used to increase its product offerings and reach Southeast Asia in response to the rapid growth in digital payments.

It is also targeting Japan. Japan is where digital transformation has become a hot topic and businesses are seeking help processing cross-border payment.

Jun Hasegawa (founder and Chief Executive) stated that clients need a “one-stop solution.” He spoke to Reuters during an interview.

Hasegawa was reunited with co-founder Ezra Don Harinsut after returning from a vacation. He found that the startup’s president, now in his parents’ house, during a Japan trip.

In 2013, the two entrepreneurs started their business in Bangkok.

Opn’s other investors are Toyota Motor (NYSE) Corp and Siam Commercial Bank, (OTC) became a unicorn during the most recent fundraise. The company did not provide further information.

Opn customers include Toyota, Thailand’s King Power and others.

Japan is home to a rising number of startup companies and international investors are increasingly common in funding rounds. However, Japan lags its peers.

CB Insights says Japan is home to five unicorns. CB Insights says that Japan has 12 unicorns in South Korea and Singapore, and over 60 in India.