2C2P, a Singapore-based ASEAN payment services provider originating from Thailand, has closed a Series C round worth S$9.71 million ($7 million). The investment has been led by Amun Capital AG and GMO Venture Partners Inc, and the funding is intended to drive 2C2P’s regional expansion, product development and workforce recruitment.
This round takes the company’s total funding to more than $10 million (S$13.86 million), according to Crunchbase data.
Regional expansion will see Thailand, Myanmar, Indonesia, the Philippines and Malaysia as priority markets. As part of this, 2C2P will also be making senior hires, bringing depth and in-market expertise to its senior management team to support further growth and scaling.
Frost & Sullivan estimates that the B2C e-commerce company will experience a compound annual growth rate (CAGR) of 37.6 per cent from 2013 through to 2018, especially in countries like, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam which will be the key markets for 2C2P; the company is expected to grow from $7 billion to $34.5 billion, during this period
Robust payment infrastructure will be required to support the transactional processes of many businesses in this market, creating a market opportunity for payment transactors. 2C2P intends to deepen its product capabilities by expanding its card, cash and cash equivalent acceptance services.In addition, physical and virtual co-branded debit and prepaid cards with partner banks and retailers will need to be issued. This will be required, in order to provide 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. Its finance partners include American Express, China UnionPay, MasterCard and VISA. It also works with e-commerce partners in the retail, travel & tourism and telecommunications sectors.
Aung Kyaw Moe, founder and group CEO at 2C2P, commented: “With over six hundred million people, close to seven hundred million mobile devices and a GDP of $2.4 trillion and growing, the promise of e-commerce in Southeast Asia is tremendous. 2C2P aims to capitalise on the region’s growth by building financial services and payments infrastructure in key developing Southeast Asian markets.”
According to Kyaw, the Series C funding marks an increase in go-to-market efforts aimed at developing market leadership in Southeast Asia. In 2014, 2C2P raised Series B funding of $2 million from GMO Venture Partners and processed $2.2 billion in transaction volumes in FY2014, growing by over 400 per cent year-on-year (YOY).
“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,” said Aung.