2C2P, a Southeast Asian (SEA) payment services provider, has raised $7 million in series C funding from international investors including Amun Capital AG and GMO Venture Partners Inc. This takes total funding for Singapore-based 2C2P to over $10 million. The series C funding will be used to drive regional expansion, product development and recruitment.
The company will expand across Southeast Asia, with Thailand, Myanmar, Indonesia, the Philippines and Malaysia as priority markets. It will also use the funds to deepen its product capabilities by expanding its card, cash and cash equivalent acceptance services, the issuance of physical and virtual co-branded debit and prepaid cards with partner banks and retailers, and providing comprehensive payment and payment related services for financial institutions.
It already works with some Asian companies, including financial institutions and banks across Southeast Asia, and with finance partners including American Express, China UnionPay, JCB, MasterCard, and VISA. It also works with e-commerce partners in the retail, travel & tourism and telecommunications sectors.
“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,” said Aung Kyaw Moe, Founder and Group CEO at 2C2P. “Series C funding allows us to step up our go-to-market efforts, cementing our stature as the region’s leading payments company,” added Aung.
In 2014, 2C2P raised Series B funding of $2 million from GMO Venture Partners Inc. 2C2P also processed a record $2.2 billion in transaction volumes in FY2014, growing by over 400 percent year-on-year.