Payment services provider 2C2P (Cash and Card Payment Processor) has raised $7 million in funding from international investors taking the Singapore-based firm’s total funding to $10 million.
The Series C funding, which will be used to drive regional expansion, product development and recruitment, came from international investors including Amun Capital AG and GMO Venture Partners Inc.
2C2P said it will expand across Southeast Asia, with Myanmar, Thailand, Indonesia, the Philippines and Malaysia as priority markets.
“With over 600 million people, close to 700 million mobile devices and a GDP of $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.
Frost & Sullivan estimates the B2C e-commerce compound annual growth rate (CAGR) of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam at 37.6 percent from 2013 through to 2018, growing from $7 billion to $34.5 billion, indicating the need for a robust payment infrastructure.
“2C2P aims to capitalise 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,” he added.
In 2014, 2C2P raised Series B funding of $2 million from GMO Venture Partners Inc. 2C2P also processed a record $2.2 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,” Aung Kyaw Moe said.
The company said it 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 said it will also make senior hires, bringing depth and in-market expertise to its senior management team, supporting geographic expansion, product delivery and customer service.
2C2P has been aggressively pursuing financial services infrastructure in Myanmar. In January, it launched Citizen Card, the country’s first prepaid card with a real-time mobile app, and in February, together with Myanmar Payments Union, it launched Myanmar’s first e-Commerce payment platform. It has also introduced iACCEPT, a mobile point-of-sales system, along with Visa, MasterCard, Myanmar Citizens Bank and Myanmar Hotels International.