a leading Southeast Asian (SEA) payment services provider, has raised US$7 million (S$9.71 million) in Series C funding from international investors including Amun Capital AG and GMO Venture Partners Inc. This takes total funding for Singapore-based 2C2P to over US$10 million (S$13.86 million). The Series C funding will be used to drive regional expansion, product development and recruitment.
2C2P will expand across Southeast Asia, with Thailand, Myanmar, Indonesia, the Philippines and Malaysia as priority markets. Frost & Sullivan estimates the B2C e-commerce compound annual growth rate (CAGR) of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, key markets for 2C2P, at 37.6 percent from 2013 through to 2018, growing from US$7 billion to US$34.5 billion. A robust payment infrastructure must be in place to support this.
The company will also deepen its product capabilities by expanding its card, cash and cash equivalent acceptance services, the issuance of physical and virtual co-branded debit and prepaid cards with partner banks and retailers, and providing comprehensive payment and payment related services for financial institutions.
2C2P already works with some of Asia’s largest companies, including financial institutions and banks across Southeast Asia, and with finance partners including American Express, China UnionPay, JCB, MasterCard, and VISA. It also works with e-commerce partners in the retail, travel & tourism and telecommunications sectors.
2C2P will also make senior hires, bringing depth and in-market expertise to its senior management team, supporting geographic expansion, product delivery and customer service.
“With over six hundred million people, close to seven hundred million mobile devices and a GDP of US$2.4 trillion and growing, the promise of e-commerce in Southeast Asia is tremendous,” said Aung Kyaw Moe, Founder and Group CEO at 2C2P. “2C2P aims to capitalize on the region’s growth by building financial services and payments infrastructure in key developing Southeast Asian markets. Series C funding allows us to step up our go-to-market efforts, cementing our stature as the region’s leading payments company,” added Aung.
In 2014, 2C2P raised Series B funding of US$2 million (S$2.75 million) from GMO Venture Partners Inc. 2C2P also processed a record US$2.2 billion (S$3.03 billion) in transaction volumes in FY2014, growing by over 400 percent year-on-year.
“Investment from Amun and GMO signals the attractiveness of our business and allows us to invest in our growth. We foresee 2015 strong growth in our revenues, something we have consistently been achieving for the last four years,” added Aung.