Singapore’s PayPal Challenger Raises $7M

PayPal’s Singapore competition, 2C2P, a payment services provider, is making headlines as it closed a $7 million deal in Series C funding, bringing its total capital raised to $10 million, according to e27, a Singapore-based business news service.

Created in 2003, 2C2P is one of Asia’s fastest growing technology companies, which is projected to raise its value from $7 billion value to $34.5 billion by 2018. This deal is taking place just a year after Myanmar Payment Union (MPU) and 2C2P launched an eCommerce platform allowing its 900,000 cardholders to search, select and directly pay for their online purchases. 2C2P processed $2.2 billion in transactions in 2014, which was a 400 percent growth from the year prior, according to figures provided by the company.

According to the e27’s report, 2C2P plans to “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’s CEO Aung Kyaw Moe said that Southeast Asia’s eCommerce market potential is “tremendous,” as it has more than 600 million people using 700 million mobile devices. The population has a combined GDP of $2.4 trillion. In terms of expansion, 2C2P earmarked Thailand, Myanmar, Indonesia, the Philippines and Malaysia as priority markets.