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Payment Solutions 2C2P raises US$52 Million in funding

Singapore-based payment solutions platform 2C2P raises US$52 million in its Series E Funding Round from Arbor Ventures, Cento Ventures and International Finance Corporation (IFC).

2PCP (Cash and Card Processor) provides payment solutions tailored to the local needs of financial institutions, e and m-Commerce merchants, banks and financial institutions of any size. 2C2P is well-positioned to provide payment solutions designed for the local needs of Asian and international businesses operating in Southeast Asia, providing additional revenue streams to merchant and business partners.

The payment platform reported a US$52 million fund in its recently held Series E Funding round that happened last 25 November 2019 form Arbor Ventures, Cento Ventures, and IFC.

Founded in 2003, the company has since established itself as one of the leading payment solution providers in Asia-Pacific. It is backed by Expara IDM Ventures under the i.JAM Microfunding Scheme, an initiative of the Government of Singapore, Digital Media Partners, a VC fund form Singapore, and GMO Ventures from Japan.

The said new funding will be used for the platform’s expansion plans in 2020 as it plans to enhance the platform, hire local talent and consolidate market share in Southeast Asia.

“Having achieved a critical mass both in terms of market share and our merchant base, and looking at the continued growth and potential of South-east 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,” Founder and Group CEO of 2C2P, Aung Kyaw Moe said.

“We’re not consumer tech and we don’t want to be,” Moe said. “2C2P’s strength lies in our relationship with our merchants –  we know what they need, how they want to collect payments, and we can build it for them. And that’s why they trust us with their business,” he added.

2C2P’s recent funding round brings the payment platform to a total of US$70 million funds.

Andi Dervishi, head of IFC’s Fintech Investments said, “We are excited to support 2C2P and help the company grow its regional presence. 2C2P’s mission and product offering are well aligned with IFC’s objective of promoting electronic payments to help underserved people and small businesses participate in the digital economy.”

“Cento Ventures has had the privilege of being an investor in 2C2P since 2011,” Dmitry Levit from Cento Ventures also commented. “2C2P has the right recipe to serve large, multi-country merchants who face the complexity of payments in Southeast Asia,” Levit added.

2C2P was listed in Deloitte as one of only three Singaporean businesses and among the fastest-growing regional technology companies in the 2013 Deloitte Technology Fast 500 Awards.