Cambodian fintech Clik has raised $2 million in a seed funding round led by Limestone Technology and OpenWay, along with several angel investors from Cambodia’s retail sector.
The company is set to launch in Q2 2019 as soon as it receives the payment service provider (PSP) licence from the National Bank of Cambodia.
“Clik aims to change the way consumers and merchants interact and experience digital payments as they become more fragmented with limited customer data,” says Matthew Tippetts, CEO, and co-founder of Clik. “We seek to provide brick-and-mortar businesses with customer insight as well as tools to act on this insight, so they can grow profits utilising analytics, loyalty programmes, and micro-targeted messaging management.”
Clik, founded in 2016, is a payment gateway and aggregator that aims to provide tailored payment experiences. It has partnered with Cambodian retailers, such as uCARE Pharma, Hard Rock Cafe Phnom Penh, and MEAS Group.
The firm comes with integrated loyalty plans, and an mPOS platform that “makes a safer use” of bank cards. It has an eKYC process that uses artificial intelligence and machine learning for fraud prevention.
Clik says that Cambodia’s e-payments have grown steadily in the past three years according to a 2017 study by the United Nations, especially in internet banking and the payment services sector.
The start-up is considering raising an additional $1 million to further complement this round.
