Southeast Asian payments platform 2C2P has raised $52 million to fund its expansion in the region. Investors including the World Bank, the International Finance Corporation, Cento Ventures and Arbor Ventures participated in the funding. Cento Ventures has been investing in the company since 2011.
The new funding will strengthen the company’s position in Southeast Asia’s digital payments market. Also, it will use the funding to speed up its growth by investing in new technologies. The digital payments is one of the fast-growing segments owing to increasing online customer engagement in recent years.
2C2P helps airlines, travel companies and online shopping malls handle customer payments in the Southeast Asian region. 2C2P Founder and CEO Aung Kyaw Moe, told the media that, “Having achieved a critical mass both in terms of market share and our merchant base and looking at the continued growth and 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.”
Founded in 2003, 2C2P is one of the earliest fintech companies in the region to help companies collect online payments from customers, Bloomberg reported. Digital payments in Southeast Asia is expected to exceed $1 trillion by 2025 from $600 million in 2019, according to a recent study by Bain & Company, Google and Temasek.
Currently, the company is headquartered in Singapore and Bangkok. It runs operations across Southeast Asia, North Asia, the US, and Europe.2C2P will cater to a huge customer database, including multi-country merchants who face issues in digital payments in Southeast Asia.