2C2P raises US$7 million Series C funding
By Digital News Asia April 28, 2015
- Investment led by Hong Kong’s Amun Capital AG, Japan’s GMO Venture Partners Inc
- Funding to drive regional expansion, product development, recruitment
SINGAPORE-headquartered payment services provider 2C2P said it 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). Founded in 2003, the company raised Series A funding of US$1 million in 2011; and Series B funding of US$2 million in early 2014, also from GMO Venture Partners.
The Series C funding will be used to drive regional expansion, product development, and recruitment, the company said in a statement.
The priority markets for its South-East Asia expansion will be Thailand, Myanmar, Indonesia, the Philippines and Malaysia, 2C2P said.
It said Frost & Sullivan estimates the B2C (business-to-consumer) e-commerce compound annual growth rate (CAGR) of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam at 37.6% from 2013 through to 2018, growing from US$7 billion to US$34.5 billion.
“With over 600 million people, close to seven hundred million mobile devices and a GDP (gross domestic product) of US$2.4 trillion and growing, the promise of e-commerce in South-East Asia is tremendous,” said 2C2P founder and group chief executive officer Aung Kyaw Moe.
“2C2P aims to capitalise on the region’s growth by building financial services and payments infrastructure in key developing South-East Asian markets,” he said in the official statement.
The company said it will expand 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.
It also intends to provide payment and payment related services for financial institutions. 2C2P said it already works with finance partners such as American Express, China UnionPay, JCB, MasterCard, and Visa.
On the talent side, 2C2P will also make senior hires to support geographic expansion, product delivery, and customer service.
2C2P claims to have processed a record US$2.2 billion in transaction volumes in its fiscal 2014, growing by over 400% year-on-year.
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