Thailand’s 2W Group leads US$5M investment into MC Payment to finance expansion

MC Payment FINAL

MC Payment also said it will use the money to pursue acquisitions and strategic investments into other companies

Caption: Schwin Chiaravanont (left), Managing Director of 2W Group, and Anthony Koh (right), Founder and Group Chief Executive of MC Payment

MC Payment, an omni-channel payments solution based in Singapore, announced today it has raised a US$5 million strategic investment round from a Thailand investment firm named 2W Group.

The 2W Group Managing Director is Schwin Chiaravanont, a member of the Chearavanont family (whose ownership of the Charoen Pokhphand Group makes them one of Thailand’s richest families).

Other participants in the round were Aura Funds Management, tryb Capital and Perle Ventures.

MC Payments also announced today its official launch in Thailand. A major priority for the investment will be growing the company’s presence in that market.

MC Payment also has plans to expand to Malaysia, Australia and Hong Kong as well as use the money to strengthen its Singapore operations. The company recently opened an office in Bali, Indonesia and will focus on merchant acquisition in that region.

Finally, MC Payment said it will use the funds to pursue acquisitions and strategic investments into other companies.

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“We are excited to partner with 2W Group to enter Thailand, and are honoured to be a part of the National e-Payment Master Plan that aims to build a cashless society. We hope that this enhances our vision of becoming the region’s foremost omni-channel payments technology and solutions provider,” said MC Payment Founder and Group CEO Anthony Koh in an official statement.

MC Payments refers to itself as both a payment provider and merchant service that focusses on non-cash transactions and facilitates both online and offline channels. It has solutions for traditional credit cards, contactless payments, smartphone/tablet gateways and a digital wallet feature.

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Some of the products are as follows:

  • Xaavan: a B2B supply-chain payment and e-invoicing platform.

  • MatchCab: A customisable platform to build payment solutions for transport companies.

  • ffastpay: A mobile payments solution for B2C

Chiaravanont said he saw value in the company because of its adaptability and thinks it is positioned well for a potential Thailand transition into a cashless society.

In August, MC Payment raised a S$6 million (US$4.3 million) Series B round for product development and regional expansion.

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