Singapore’s MC Payment raises $3.5m to finance expansion

Singapore based electronic payment firm, MC Payment said Friday it has raised S$5 million ($3.5 million) led by 2W Group, an investment firm from Thailand.  Australia’s Aura Funds Management, tryb Capital and Perle Ventures, also participated in the funding round, the company added.

The investment will be used for the “expansion into new markets in Southeast Asia and strengthen its presence in existing markets,” it said. These include launching operations in Malaysia, Australia and Hong Kong and also strengthening its Singapore operations.

This is the company’s second round of funding in as many months. In August, MC Payment, had closed an S$6 million ($4.5 million) in a Series B round led by ESW Manage, an Asia-focused private equity (PE) firm, along with private investment firm, DZW Capital. Other investors in that round had included Golden Equator Capital, a multi-family office, PE and venture capital (VC) firm based in Singapore.

“We hope that this enhances our vision of becoming the region’s foremost omni-channel payments technology and solutions provider,” said Anthony Koh, founder and group chief executive of MC Payment.

Its products include Xaavan, an invoicing and payment platform, MatchCab where taxi companies can make e-payments and MasterPass, a digital wallet.

“The business infrastructure and consumer behavior in Southeast Asia increasingly depends on open payment platforms like MC Payment that facilitates numerous payment methods – online, offline and mobile,” said Schwin Chiaravanont, managing director of 2W Group, in a statement.

The company will also be utilizing its funds for acquisitions and to initiate strategic venture capital investment opportunities in Southeast Asia, it added.

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