MC Payment Raises S$6mil in Series B Round
By Digital News Asia August 30, 2016
- Funds to drive product development of key offerings
- Funding supporting expansion in SEA and into Australia
MC PAYMENT, a financial technology (fintech) and business solutions provider based in Singapore, said it has raised S$6 million (US$4.5 million) in a Series B round.
The investment was led by ESW Manage, an Asia-focused private equity firm, along with private investment firm DZW Capital, MC Payment said in a statement.
Other investors include Golden Equator Capital, a private equity and venture capital firm based in Singapore.
The funds will be used to drive market expansion into Australia and in South-East Asia, as well as to enhance its key product offerings, including Xaavan, its B2B (business-to-business) supply chain and e-invoicing platform for merchants and suppliers.
Xaavan is a MasterCard-certified Level 3 enhanced data processing solution, according to the company.
“Businesses today are operating across countries, with consumers using a variety of non-cash payment options,” said MC Payment founder and group chief executive officer Anthony Koh.
“We see an urgent need for platforms that can process a multitude of payment methods; something we have deep experience in. This funding will help us to address that demand by accelerating development of end-to-end payments solutions across industries in the region,” he added.
MC Payment is focused on supporting non-cash payments for clients across a variety of industries, including non-profits, insurance, e-commerce and financial institutions.
It offers payment technology and transaction processing solutions under the ‘MC Payment’ product name.
The company also offers a mobile point of sale (mPOS) solution, ffastpay, used by retailers and merchants, including insurers and telecommunication firms in Hong Kong and Malaysia, to support consumer payments on-the-go.
Meanwhile, MatchCab is a platform built for taxi transport providers and which integrates into existing booking systems.
MC Payment is looking to capitalise on the strong e-commerce growth in South-East Asia by expanding into Thailand, Vietnam, Cambodia, Myanmar and the Philippines, as well as entering into the Australian market.
It currently operates in Singapore, Malaysia, Hong Kong and Indonesia.
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