Payments platform 2C2P raises $71m for expansion

Regional payments platform 2C2P, which helps airlines, travel companies and online shopping malls handle payments from customers in the region, has raised US$52 million (S$71 million) from investors, including the World Bank's International Finance Corp, Cento Ventures and Arbor Ventures, to fund expansion.

The company, dual-headquartered in Singapore and Bangkok, has now raised a total of US$70 million.

The new funding round will bolster the company's position in South-east Asia's burgeoning digital payments market as more customers move online to shop, order meals and book flights and hotel rooms.

Driven by new technologies and start-ups, the region's financial services are undergoing a rapid transformation.

Digital payments in the region are projected to exceed US$1 trillion by 2025, from US$600 million this year, according to a recent study by Bain & Co, Google and Temasek.

Even with so much local growth still untapped, 2C2P's ambitions stretch beyond its local region, the company said in a statement, and it will look to expand further afield "over the next year".

Chief executive officer Aung Kyaw Moe said 2C2P will continue to serve corporate clients rather than consumers directly.

"We know what they need, how they want to collect payments, and we can build it for them," he said about the company's corporate clients in a statement.