Japan’s Latest Unicorn Is a Thailand Mobile Payments Firm (1)

Mobile payment gateway provider Opn Co. was valued at roughly $1 billion in a $120 million funding round last month, making it one of a handful of unicorns in Japan.

The Tokyo-based company, previously known as Omise, owes much of its success to its early entry into another Asian nation: Thailand. Entering the market in 2013, when it was heavily reliant on cash transactions, Opn seized a sizable share of mobile payments by helping small businesses make the digital transition and getting the major network operators to adopt its technology, the company said.

The Series C+ funding marks a rare ...