Thai payments platform startup 2C2P announces that it has raised US$52 million in new funding from IFC, Cento Ventures, and Arbor Ventures.
The company said that it will use the funding to accelerate the company’s growth by investing in new technologies to enhance its payments platform, hiring local talent, and consolidating market share in Southeast Asia with a goal to expand beyond the region over the next year.
2C2P helps regional businesses accept payments from millions of customers in Southeast Asia.
“With the 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 Aung Kyaw Moe, Founder & Group CEO of 2C2P.
Southeast Asia’s internet economy is hitting US$100 billion in 2019 and expected to hit US$300 billion by 2025, according to a report by Google, Temasek, and Bain & Company.
The Gross Merchandise Value (GMV) of the internet economy makes up 3.7 per cent of Southeast Asia’s gross domestic product (GDP) in 2019 and is projected to exceed 8 per cent by 2025.
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Digital financial services is one of the key drivers of growth, with digital payments in Southeast Asia in particular, expected to exceed US$1 trillion in gross transaction value by 2025 notes a sister report conducted by Google, Temasek and Bain & Company.
“We’re not consumer tech and we don’t want to be,” added Aung. “2C2P’s strength lies in our relationships with our merchants – we know what they need, how they want to collect payments, and we can build it for them.”
The latest round of funding brings 2C2P’s total funding so far to US$70 million including US$18m raised in the earlier series.
Currently, 2C2P has dual headquarters in Singapore and Bangkok and operates across Southeast Asia, North Asia, the US, and Europe. 2C2P is the market leader in Thailand and claims to be the preferred ASEAN payments platform provider of regional airlines, travel companies and global retailers.
Also Read: Post gaining ground in Thailand 2C2P eyes Myanmar; launches POS system
The investors are IFC, a sister organisation of the World Bank and a member of the World Bank Group – which claims to be the largest global development institution focussed on the private sector in emerging markets. www.ifc.org.
Cento Ventures is a venture capital firm focussed on technology startups building products and services emerging from the digital transformation of Southeast Asia.
Arbor Ventures is a VC that seeks to shape the way the world transacts by investing in early-stage companies at the intersection of financial services, data, and digital commerce, through partnering with founders and accelerating the growth of next-gen fintech, facilitated by strategic networks.
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