- Cambodian startup Clik raised more than $2 million before its 2019 launch
- Observers say that Clik is a good addition to Cambodia’s fintech scene
- While Clik is primarily an analytics app, its CEO says that the company respects the privacy of would-be clients
A new payments app is about to enter the Cambodian market and it raised over $2 million before its scheduled launch. Clik is poised to launch a new payment gateway and aggregator and many are said to be excited about the event.
The only downside about the report, according to fintech observers in Phnom Penh, is the fact that there is no mention of overseas transfer rates or that users can transfer money internationally through the app.
The good news is, the app will make transferring payments between consumers and businesses more seamless. According to the fintech, Clik users can use the app to pay for goods and all they need to do is to input their credit cards or e-wallets into the app.
“Our app will be very easy to use, much easier than a payment terminal with 25 buttons on it”, explained Clik CEO and founder Matthew Tippetts while talking to Southeast Asia Globe. “The consumer will have a wide array of payment capabilities in one place – simple, seamless and safe to use”, he added.
The company notes that the app is a useful addition to the set of tools that businesses have. Tippetts said that merchants can use the app to grow their business. Clik is described by Tippetts as: “a new data company” driven by analytics. Its main purpose is to “enable offline businesses to have the same data as online businesses so that they can grow”.
According to Clik executives, the app will be aggregating user transactions and will provide merchant partners with basic data analytics. The latter will provide businesses with better insights on marketing techniques. Merchants will have the capability to offer a better and a more personalised experience to their target market as well.
The app attracted the attention of Limestone Technology, an international business headed by SeedIn’s founder Eddie Lee. It also caught the attention of Openway, a software vendor. Investments from these companies, along with money put in by a number of Cambodia’s angel investors, made it possible for Clik to raise over $2 million. The capital was raised long before the business’ scheduled launch. The company is reportedly planning to raise another million by early 2019.
Clik is primarily a data analytics app, but Tippetts made it clear that the company respects the privacy of its would-be clients. He noted that companies like Clik “need to be ethical” when collecting data, adding that he will make sure that the app is compliant with all of the data collection laws in Cambodia.
In an interview, Tippetts said: “We definitely aren’t giving out individuals’ personal data, and we’re not selling or giving any information to third parties.”
Find out more about the payment and remittance industry here.
