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South-east Asia payments platform 2C2P raises US$52m in funding
PAYMENTS platform provider 2C2P has raised US$52 million in new funding from investors including IFC, Cento Ventures and Arbor Ventures, it said in a media statement on Monday.
The funding will be used to invest in new technologies to enhance its payments platform, hire talent and consolidate market share in South-east Asia with a view to expanding beyond the region over the next year.
The company, founded in Bangkok in 2003, is dual-headquartered in Singapore and Bangkok. It helps regional businesses secure payments from their customers in South-east Asia.
The latest funding round brings 2C2P’s total funding to US$70 million.
"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," said Aung Kyaw Moe, founder and group CEO of 2C2P.
"We’re not consumer tech and we don’t want to be," added Mr 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. And that’s why they trust us with their business."
Digital financial services is expected to be a key driver of growth for South-east Asia's Internet economy, with predictions that it will exceed US$1 trillion in gross transaction value by 2025, according to a report by Google, Temasek and Bain & Company.