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.