Singapore-based MC Payment, has secured $4.5 million in Series B led by private equity firm ESW Manage and private investment company DZW Capital. The round also saw the participation from other investors including venture capital firm Golden Equator Capital.
The FinTech and business solutions provider will use the funding amount to expand to other markets in Asia-Pacific, including Australia, Thailand, Vietnam, Cambodia, Myanmar, and the Philippines. It is currently operational in Singapore, Malaysia, Hong Kong, and Indonesia.
MC Payment will also focus on developing its payment products, and Xaavan, its business-to-business supply chain, and the online invoicing system will be a priority. The product targets merchants and supply companies. The company claims it to be the first MasterCard-certified Level 3 enhanced data processing solution in Asia.
Founder and Group CEO of MC Payment, Anthony Koh, said,
Businesses today are operating across countries, with consumers using a variety of non-cash payment options. We see an urgent need for platforms that can process a multitude of payment methods; something we have deep experience in.
MC Payment’s infrastructure supports a range of verticals including B2B logistics, transport providers, insurance, non-profit, F&B, retail and much more. Its clients include major e-commerce portal Qoo10, Singapore’s first vending machine cafe Vendcafe, global logistics firm DHL and non-profits such as Hair for Hope and Mercy Relief.
The firm has a payment technology and transaction processing solutions named MC Payment and is currently deployed as a payment solution for a number of charities to process online donations. Currently, it is being launched by e-commerce giant Qoo10. In addition, MC Payment is developing a non-cash payment solution for Singapore’s first vending machine café, Chef in Box VendCafé.
The company also offers Mobile Point of Sale (mPOS) solution – Ffastpay. It is currently deployed by retailers and merchants, including insurers and telecommunication firms in Hong Kong and Malaysia, to support consumer payments on-the-go.