TOKYO, May 9 Reuters Digital payments processor Opn, formerly known as Synqa, said it had raised 120 million in a Series C funding round, becoming a rare unicorn, or startup worth more than 1 billion, in Japan.

The startup raised funds from the venture capital arm of the governmentbacked Japan Investment Corporation, Mitsubishi UFJ Financial Group with trade ministry guarantees, and tech investor Mars Growth Capital.

Opn, which has its registered headquarters in Tokyo and operational headquarters in Bangkok, said it will use the funds to expand its product lineup and push further into Southeast Asia as it rides the growth of digital payments in the region.

The company is also targeting Japan, where digital transformation is a buzzword in government circles and companies are looking for help in processing crossborder payments.

They need a one stop solution… that39;s something we can provide, founder and Chief Executive Jun Hasegawa told Reuters in an interview.

Hasegawa met cofounder Ezra Don Harinsut when he returned from a trip and found the startup39;s now president staying at his parent39;s house during a visit to Japan.

The two men began the business in Bangkok in 2013.

Opn, whose other investors include Toyota Motor Corp and Siam Commercial Bank, became a unicorn at the latest fundraise, the company said without providing further details.

Opn39;s customers include Toyota and Thailand39;s King Power.

Japan has a growing number of startups and foreign…