IFC mulls $15m equity funding for Thai payments firm

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International Finance Corporation (IFC) is considering an equity investment of up to $15 million in Thailand-based payments company 2C2P, according to a disclosure.

2C2P was the target of a failed acquisition attempt by Southeast Asian ride-hailer Grab, per a Bloomberg report in June. The Thai company was said to have attracted preliminary offers ranging up to about $200 million from bidders but later decided to remain independent and raise capital.

2C2P has raised a total of $10 million to date, according to its past announcements. Its shareholders include Japanese Internet group GMO and Kauz TMT Services, and other minority investors that hold less than 10 per cent each, IFC said.

Founded in 2003, 2C2P operates in nine countries across Southeast Asia. The IFC investment is expected to promote the integration of merchants and consumers in the regional digital economy by growing payment acceptance services to merchants in Thailand and the entire region.

“While Thailand has achieved high rates of financial access, adoption of digital payments lags behind. The limited penetration and the high fragmentation of payment services in Southeast Asia represent a barrier for both consumers and merchants,” IFC said.

2C2P enables its merchants to receive payments from a broad range of issuers and through a network cash-acceptance points across Southeast Asia. The company recently launched easy2send, a cross-border money transfer service licensed by the Central Bank of Thailand.

A longstanding investor in financial inclusion in emerging markets, IFC has made several fintech investments in Asia, including CompareAsiaGroup, Coverfox, Fino Paytech, Suvidhaa and Vina Payment Network. It has also committed $15 million to fintech-focused fund manager Arbor Ventures’s second vehicle.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.