Pan-asian payments services startup 2C2P recently announced that they have successfully raised US$52 million from the World Bank Group’s International Finance Corporation (IFC), early stage venture capital firm Arbor Ventures and under-invested emerging digital markets-focused venture capital firm Cento Ventures. The newly acquired funds brings the total amount of investment the payments platform company has received thus far to US$70 million, including a US$18 million funding that 2C2P managed to raise in an earlier funding round.
2C2P, which possesses dual headquarters in both Singapore and Thailand, will use the fresh capital to ignite the startup’s growth with a long term view of expanding beyond the regional markets of Southeast Asia. Measures to achieve that aim include enhancing the overall business performance of its payments platform to better serve its merchants and corporate clients by implementing and integrating new technology, as well as investing in its workforce by seeking out talented, capable and highly skilled local individuals for hire. The company will also look at consolidating market share to further fortify its market leadership position, as by 2025 Southeast Asia’s digital payments space is forecasted to surpass US$1 trillion, which represents an almost two-fold increase from its current US$600 million in 2019, according to a report released by Google.
Aung Kyaw Moe, chief executive officer and founder of 2C2P, noted that the fundraising effort was quite timely as Southeast Asia’s digital and online economy is currently experiencing a phase of rapid growth that is projected to keep pace for years to come, bringing along with it numerous opportunities for untapping the region’s massive potential. This, coupled with the company’s critical mass in their corporate client base and market share, presented the right set of conditions for the startup to leverage on even more resources, which was achieved through their latest fundraising effort which saw the participation of IFC, Arbor Ventures and Cento Ventures. Aung Kyaw Moe added that the recently acquired funds will enable the payments services company to increase their competitiveness, boost their dominant market position, and further their plans for expansion abroad.
On whether 2C2P views itself as a consumer tech company, Aung Kyaw Moe refuted the idea and elaborated that it is the healthy, fulfilling relationships with their corporate clients and merchants that is the pillar of strength that propels the company forward in their growth and progress. By building and strengthening trust through thoroughly understanding and fulfilling their clients and merchants’ needs and particulars, 2C2P is in turn richly rewarded with their continued business and faith.
2C2P is a payments services platform provider that works primarily with e-commerce and m-commerce merchants, and with financial institutions. Some of their notable clients include THAI Airways, with which the startup handles all of their website transactions with an estimated value of US$2.4 billion, and Central Group, a family-owned retail conglomerate based in Thailand. The company also partnered with Myanmar’s Myanmar Payments Union to launch the country’s first e-commerce payments platform. It currently operates across much of Southeast Asia, having a presence in the markets of Thailand, Malaysia, Indonesia, Myanmar, Philippines, Laos, Cambodia, as well as Hong Kong. 2C2P is a moniker for “To Cash To Payment”.
2C2P, the payments services startup, will look to further fortify its market leadership position and expand their market reach with the US$52 million raised from IFC, Cento Ventures and Arbor Ventures. As the digital payments space in Southeast Asia continues to grow at an impressive rate, 2C2P will be primed and ready to assert its strength and influence over the market.