Singapore's MC Payments gets $4.4m Series B

DZW Capital and Golden Equator Capital also participated in the round. The capital will be used for a regional expansion drive and product enhancements. Development of the company's Xaavan service - a business-to-business supply chain payment and e-invoicing platform - will be a key priority.

MC specializes in supporting non-cash payments with brand-agnostic services for clients such as Singaporean vending machine operator Chef in Box VendCafe and online shopping company Qoo10. It aims to capitalize on e-commerce growth in Southeast Asia by expanding into Thailand, Vietnam, Cambodia, Myanmar and the Philippines, as well as entering the Australian market. The company currently operates in Singapore, Malaysia, Hong Kong and Indonesia.

"We are leading the investment round as we are most impressed with the founders' track record of creating niche technology products in a market with high barriers to entry, while solving complex customer problems," Yat Foo Wong, founder and chairman at ESW, said in a statement. "With the endorsement and approval of their technology by big players like Visa, MasterCard and many more, the company has huge potential to serve many more merchants and banks and grow their transaction business."

ESW says MC will be able to list on the Singapore Exchange's Catalist board by the end of the year. Its investment extends a spate of digital payment investments in the country this month, including a $2 million round for Coda Payments and an undisclosed investment in Red Dot Payment by Telkom Indonesia.

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• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Singapore
• TMT
• Venture