2C2P, a Singapore-based payment services provider backed by internet company GMO, has raised $52m in funding, The Business Times reported yesterday.
The round featured International Finance Corporation, the private sector arm of the multilateral World Bank, in addition to venture capital firms Cento Ventures and Arbor Ventures.
Founded in 2003, 2C2P has built an online platform that allows e-commerce clients to receive payments from unbanked customers through multiple electronic and mobile payment channels across 10 Southeast Asian markets.
The capital will fund recruitment and technological upgrades as 2C2P aims to consolidate its current position and explore potential opportunities in markets beyond Southeast Asia over the next year.
Aung Kyaw Moe, 2C2P’s founder and chief executive, was quoted by Business Times as saying: “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.”
The company has now accumulated $70m in funding, according to Business Times. It secured $7m in a 2015 series C round featuring GMO’s corporate venturing arm, GMO Venture Partners, and investment and advisory firm Amun Capital.
Another GMO subsidiary, GMO Global Payment Fund, had supplied an undisclosed amount for 2C2P as part of a 2014 strategic partnership deal, after GMO Venture Partners put up $500,000 for a $2m funding round in 2013 that included an unnamed additional investor.