2C2P raises US$ Million Series C funding Buoyed by Southeast Asian E-Commerce

Admin Newswire - 27 April 2015

SINGAPORE, 27 APRIL 2015 ‘ 2C2P, a leading Southeast Asian (SEA) payment services provider, has raised US$7 million (S$9.71 million) in Series C funding from international investors including Amun Capital AG and GMO Venture Partners Inc. This takes total funding for Singapore-based 2C2P to over US$10 million (S$13.86 million). The Series C funding will be used to drive regional expansion, product development and recruitment.

2C2P will expand across Southeast Asia, with Thailand, Myanmar, Indonesia, the Philippines and Malaysia as priority markets. Frost & Sullivan estimates the B2C e-commerce compound annual growth rate (CAGR) of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, key markets for 2C2P, at 37.6 percent from 2013 through to 2018, growing from US$7 billion to US$34.5 billion. A robust payment infrastructure must be in place to support this.

The company will also deepen its product capabilities by expanding its card, cash and cash equivalent acceptance services, the issuance of physical and virtual co-branded debit and prepaid cards with partner banks and retailers, and providing comprehensive payment and payment related services for financial institutions.

2C2P already works with some of Asia’s largest companies, including financial institutions and banks across Southeast Asia, and with finance partners including American Express, China UnionPay, JCB, MasterCard, and VISA. It also works with e-commerce partners in the retail, travel & tourism and telecommunications sectors.

2C2P will also make senior hires, bringing depth and in-market expertise to its senior management team, supporting geographic expansion, product delivery and customer service.

With over six hundred million people, close to seven hundred million mobile devices and a GDP of US$2.4 trillion and growing, the promise of e-commerce in Southeast Asia is tremendous, said Aung Kyaw Moe, Founder and Group CEO at 2C2P. 2C2P aims to capitalize on the region’s growth by building financial services and payments infrastructure in key developing Southeast Asian markets. Series C funding allows us to step up our go-to-market efforts, cementing our stature as the region’s leading payments company, added Aung.

In 2014, 2C2P raised Series B funding of US$2 million (S$2.75 million) from GMO Venture Partners Inc. 2C2P also processed a record US$2.2 billion (S$3.03 billion) in transaction volumes in FY2014, growing by over 400 percent year-on-year.

Investment from Amun and GMO signals the attractiveness of our business and allows us to invest in our growth. We foresee 2015 strong growth in our revenues, something we have consistently been achieving for the last four years, added Aung.

About 2C2P
2C2P is a leading Southeast Asian payment services provider. We offer a number of comprehensive, technology-driven payment services tailored to the needs of financial institutions, e-commerce and m-commerce businesses and retailers, facilitating electronic and mobile commerce.

2C2P processes billions of dollars in transactions for many businesses. We have offices across Southeast Asia, including in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Philippines and Thailand, as well as in Hong Kong. 2C2P is a 2013 Deloitte Technology Fast 500 Award winner, recognized as one of Asia’s fastest growing technology companies.

Since Q1 2014, 2C2P has:

Introduced iACCEPT, Myanmar’s first mobile point of sales solution. Using iACCEPT customers can transact using their mobile devices.
Launched easyBills, a the first and only bill payment solution in Thailand which allows card holders to pay using their mobile device or computer, in partnership with MasterCard
Was tasked by Central Group, Thailand’s largest retail chain, to provide payment solutions to five of their key brands – B2S, Central, OfficeMate, Robinson and SuperSports
Handed all online transactions processing by Thailand’s national carrier, THAI Airways
Introduced Citizen Card’, the first Burmese prepaid card with a real-time mobile application.
2C2P, together with Myanmar Payments Union, launched Myanmar’s first e-Commerce payment platform. Paper writing serviceCall tracker, Phone call tracker. is a news portal for startup and technology innovation. You can be a part of`s startup community and innovation members, download our tech research and statistic reports, and engage with our innovation community.