Singapore-based MC Payment has successfully secured $3.5 million from 2W Group, a prominent Thailand family-owned investment firm. The round also saw participation from other key investors including Aura Funds Management, tryb Capital and Perle Ventures.
Founded in 2005, MC Payment has created a strong network of partnerships and accreditations with top banks and leading payments schemes such as First Data, Global Payments, American Express, Visa and MasterCard in order to process transactions over a multitude of payment channels. It announced this strategic investment round just few months after it raised $4.5 million in series B.
The financial technology and business solutions provider specializes in supporting non-cash payments across Southeast Asia and Oceania with its comprehensive suite of products. It accepts multiple non-cash payment methods within a single platform. It offers other services including, the recently launched Xaavan, aB2B web-enabled supply chain payment and e-invoicing platform, which is the first MasterCard-certified Level 3 enhanced data processing solution in Asia. It has a customisable platform for transport providers named MatchCab and ffastpay, a B2C mobile payments solution.
The company recently opened a new office in Bali – with a key focus on merchant acquisition in the hospitality industry, and with the funds, it plans to expand into new markets in Southeast Asia and strengthen its presence in existing markets.
MC Payment is particularly keen to expand into Thailand and to build a team at its office premises which officially opened today in Bangkok. It’ll be expanding its business operations in Malaysia, Australia, and Hong Kong, and focus on enhancing the capabilities and technology of its Singapore team.
MC Payment will also utilize its funds on acquisitions and to initiate strategic venture capital investment opportunities in Southeast Asia. Anthony Koh, Founder and Group Chief Executive of MC Payment, says,
Our company was started in 2005 and our strategic investment round is a signal of our commitment to grow our presence in the region. In particular, we are excited to partner with 2W Group to enter Thailand, and are honoured to be a part of the National e-Payment Master Plan that aims to build a cashless society. We hope that this enhances our vision of becoming the region’s foremost omni-channel payments technology and solutions provider.
Recognized for its technical expertise, MC Payment has been presented with various prestigious industry awards such as the Smart Awards Asia, Singapore SME 1000 Company and Capital CEO Supreme Brand Award in Hong Kong.