A newcomer to Phnom Penh’s fintech scene, Cambodia-based startup Clik has raised over $2m as it prepares to launch in the Kingdom in early 2019
The Clik app will launch as a payment gateway and aggregator that allows for quick and seamless money transfers between consumers and businesses. Users will be able to pay for goods through Clik via their credit cards or e-wallets.
“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 told Southeast Asia Globe. “The consumer will have a wide array of payment capabilities in one place – simple, seamless and safe to use.”
The main value of the app, Tippetts said, is not in its capacity as a wallet, but in its usefulness as a tool for merchants who are looking to grow their business.
“Clik is a new kind of data company, one driven by data analytics,” Tippetts said. “The main purpose is to enable offline businesses to have the same data as online businesses so that they can grow.”
Essentially, Clik users’ transactions will be aggregated and the startup will provide partner businesses with basic data analytics that should give merchants a better understanding of how to market their goods to their target audiences.
Through use of the Clik app, “merchants will be able to offer a personalised experience to their customers”, Tippetts said.
In its initial round of funding, the project caught the attention of international businesses including Limestone Technology, headed by SeedIn founder Eddie Lee, and top-ranked global software vendor OpenWay. With investment from these two companies as well as several Cambodia-based angel investors, Clik secured $2m in funding by the end of November and plans to raise an additional $1m before completing the funding round.
Although the app is all about data analysis, Tippetts said the project has deep respect for the privacy of users’ personal and private data.
“You need to be ethical when you’re collecting data,” he said, adding that Clik will be compliant with all of Cambodia’s laws on data collection as well as the European Union’s General Data Protection Regulations (GDPR). “We definitely aren’t giving out individuals’ personal data, and we’re not selling or giving any information to third parties.”
Tippetts’ team has spent years working to ensure the safety of the platform, which will be equipped with an mPOS system to enable financial transaction processing through smart devices with minimal risk.
“Clik is designed to reduce the current massive payment fragmentation and lack of customer data… [and] provide the tools to grow merchants’ profits, such as analytics, loyalty programs and micro-targeted messaging management,” Tippetts said. “We do all this while offering one of the safest platforms and protecting the data privacy of our users.”