Singapore's MC Payment gets $3.5m for SE Asia expansion

The investment included participation by Aura Funds Management, Tryb Capital and Perle Ventures. It coincides closely with the company's establishment of new offices in Thailand and Indonesia.

The capital will be used to growth the company's presence in Southeast Asia and the broader region, including an expansion of existing operations in Malaysia, Australia, Hong Kong and Singapore as well as efforts to penetrate markets in Vietnam, Cambodia, Myanmar and the Philippines. It will also be used to support acquisitions and investigate venture investment opportunities in Southeast Asia.

"The business infrastructure and consumer behavior in Southeast Asia increasingly depends on open payment platforms like MC Payment that facilitates numerous payment methods - online, offline and mobile," Schwin Chiaravanont, managing director of 2W said in a statement. "Having developed an award-winning payment platform, MC Payment is well positioned to capitalize on the transition to a cashless economy, and exploit opportunities like those in Thailand where there are regulatory requisites to shift to an electronic payment system."

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. The company's technology focuses on services such as in-store, mobile, online and digital payments across a range of industries, including non-profit, insurance, e-commerce and financial institution operations.

It received a S$6 million Series B round of funding in August led by Singapore PE firm ESW Manage, with participation by DZW Capital and Golden Equator Capital. ESW has said it expects MC will be able to list on the Singapore Exchange's Catalist board by the end of the year.

2W is a family-owned firm that targets early-stage companies and distressed assets throughout Asia Pacific. It also manages a distribution arm that primarily focuses on business-to-business and consumer tech products.

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