Singapore-based B2B FinTech firm MC Payment announced a new funding round, as well as global expansion, late last week.
Reports Friday (Nov. 11) said MC Payment raised $3.5 million from an investment firm in Thailand, as well as participation from Aura Funds Management, tryb Capital and Perle Ventures. The funds have also allowed the company to enter the Thailand market, reports said.
MC Payment facilitates an array of transactions, including B2C and B2B, through its network of other FinTech service providers, like American Express, First Data and other top names. Reports said the startup specializes in noncash payments across Southeast Asia and offers noncash payment processing for an array of payment rails on a single platform.
Its most recent service is a B2B supply chain payment and eInvoicing platform dubbed Xaavan. It’s the first Level 3 enhanced data payments processing offering in Asia certified by Mastercard, reports said.
With its office opening in Bali, MC Payment said it will be focusing on merchant acquisition across the hospitality industry. The strategic investment funding will also help the firm enter into new markets throughout the region, with its eyes set on Thailand.
Malaysia, Australia, Hong Kong and other locations are also on the company’s target list, while the funding round will also support expansion and technological capabilities of its team in Singapore.
“Our company was started in 2005, and our strategic investment round is a signal of our commitment to grow our presence in the region,” said MC Payment Founder and Group Chief Executive Anthony Koh in a statement. “In particular, we are excited to partner with 2W Group to enter Thailand, and we are honored to be a part of the National ePayment Master Plan that aims to build a cashless society.”
“We hope that this enhances our vision of becoming the region’s foremost omnichannel payments technology and solutions provider,” he continued.