MORE FROM KrASIA

Payments firm 2C2P banks USD 52 million to expand beyond Southeast Asia

The latest round brings the firm’s total funding to USD 70 million.

Photo:Shutterstock.com

Southeast Asian payments platform 2C2P has secured USD 52 million in new funding from an international group of investors, including IFC, Cento Ventures, and Arbor Ventures.

The latest round brings 2C2P’s total funding to USD 70 million, including the USD 18 million it raised earlier, according to a statement.

The Singapore- and Bangkok-based company plans to use the fresh funds to enhance its payments platform, hire local talent, and consolidate market share in Southeast Asia as it looks to expand outside of the region over the next year.

“Having achieved a critical mass both in terms of market share and our merchant base and looking at the continued growth and potential of Southeast Asia’s internet economy, we felt this was the right time to bring in additional resources so we can strengthen our market leadership position, expand the business, and compete more effectively,” said 2C2P founder and group CEO Aung Kyaw Moe.

In a recent joint report by Google, Temasek, and Bain & Company, Southeast Asia’s internet economy is set to reach USD 100 billion by the end of this year, a 39% increase from the USD 72 billion recorded last year. The region’s digital payments sector is a major factor in this growth, as it is expected to hit USD 1 trillion in gross transaction value by 2025.

Founded in 2003, 2C2P offers a number of payment solutions catered to the needs of e-commerce merchants, regional airlines, global retailers, banks, and other financial institutions. Its past investors include Expara IDM Ventures, Digital Media Partners, and GMO Ventures.

It was reported earlier this year that ride-hailing giant Grab held talks to acquire 2C2P. People familiar with the matter confirmed the talks to Tech in Asia, but added that the discussions “didn’t go anywhere.”

This article first appeared on Tech in Asia.