Southeast Asian payments platform 2C2P has raised $52 million in a new funding round from an international consortium of investors including IFC, Cento Ventures, and Arbor Ventures, according to an announcement.
With this, the total capital raised by 2C2P stands at $70 million.
Founded in 2003, 2C2P enables its merchants to receive payments from a range of issuers and through a network cash-acceptance points across Southeast Asia. It has dual headquarters in Singapore and Bangkok and operates across countries in Southeast Asia, North Asia, the US, and Europe.
The company recently launched easy2send, a cross-border money transfer service licensed by the Central Bank of Thailand.
2C2P plans to use the current funding to invest in new technologies and spruce up its payments platform, besides hiring local talent.
Aung Kyaw Moe, founder & group CEO at 2C2P said that this was the right time to bring in additional resources so the company can strengthen its market leadership position, expand the business, and compete more effectively.
“We are excited to support 2C2P and help the company grow its regional presence,” said Andi Dervishi, head of IFC’s Fintech Investments.
“2C2P’s mission and product offering are well aligned with IFC’s objective of promoting electronic payments to help underserved people and small businesses participate in the digital economy,” he added.
IFC recently said that it is considering an equity investment of up to $15 million in 2C2P, which has shareholders including Japanese Internet group GMO and Kauz TMT Services, and other minority investors that hold less than 10 per cent each.
“Cento Ventures has had the privilege of being an investor in 2C2P since 2011…..the investment provides the 2C2P team with the financial resources to unlock a new stage of digital economic growth across this region and beyond,” said Dmitry from Cento Ventures.
Cento Ventures is a venture capital firm focused on technology startups building products and services emerging from the digital transformation of Southeast Asia.
Arbor Ventures, meanwhile, is a VC that invests in early-stage companies at the intersection of financial services, data, and digital commerce.