Online payments company 2C2P banks US$7M in series C
Epayments processing company 2C2P today announced a series C funding round of US$7 million. Investors in the round include Amun Capital AG and GMO Venture Partners. With this latest round, the Singapore-based startup reports a total funding of over US$10 million. It had previously secured US$2 million from GMO Venture Partners in a series B funding round.
Since it was founded in 2003, 2C2P has expanded across Southeast Asia, with offices in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, and Hong Kong. The company’s mission is to bring epayment and mobile payment solutions to Southeast Asia, where consumers in several markets are not even used to credit card transactions. “We foresee strong eCommerce growth in SEA,” Aung Kyaw Moe, group CEO and founder of 2C2P, told Tech in Asia. “2C2P intends to continue to serve the underserved.”
2C2P founder and group CEO, Aung Kyaw Moe.
The company has several products across its territories. It has launched point-of-sales (POS) and epayments solutions in Myanmar and Thailand. In Myanmar, it introduced the “Citizen Card”, a prepaid card coupled with a mobile application. And it has partnered with international financial institutions such as American Express, China UnionPay, MasterCard, and Visa.
While there are several competing services across Southeast Asia, 2C2P is in a powerful position as it is one of the few to have a presence in several markets. According to Aung, the company has processed US$2.2 billion in transactions for FY2014. “We anticipate that we will continue to grow,” he added.
This new funding round will allow the company to continue its expansion in the region, embark on a recruitment drive, and further diversify its products by expanding its card, cash, and cash equivalent acceptance services. “We are searching for talent across the board – from SEA as well as globally,” Aung said. “2C2P seeks for experts in the fields of payments, as well as those who possess SEA in-market expertise.”
Update (10pm SGT): Updated with comments from 2C2P founder and group CEO, Aung Kyaw Moe.
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