Singapore-based payment services firm 2C2P has formed a $15m venture capital fund called 2C2P.VC to back financial technology developers, DealStreetAsia reported on Tuesday.
Founded in 2003, 2C2P has developed an electronic and mobile payment platform that enables consumers without bank accounts to access e-commerce vendors.
Investment director Eva Weber will lead the new vehicle, which will help the company establish strategic alliances with payment technology developers and other fintech startups based in Southeast Asia and elsewhere.
2C2P.VC’s launch came after its parent company raised $52m in a November 2019 round backed by Arbor Ventures, Cento Ventures and International Finance Corporation.
Aung Kyaw Moe, 2C2P’s founder and chief executive, said in a statement: “We are excited to announce the launch of our own investment arm, which we see as a critical component of our growth strategy.
“There are a number of companies where we see a strong strategic fit – either due to exciting new technologies, complementary products or geographic presence in markets where we want to be in the future.”
