FinTech firm MC Payment closes S$5m strategic investment round and opens its 6th country office in Thailand
FOR IMMEDIATE RELEASE
Singapore, 11 November 2016 – Singapore-based MC Payment – a financial technology and payment solutions provider – has announced the successful closure of a S$5m strategic investment round. The round was led by 2W Group – a prominent Thailand family-owned investment firm. The round also included key investors Aura Funds Management, tryb Capital and Perle Ventures. The investment will be used to fund MC Payment’s expansion into new markets in Southeast Asia, and to strengthen its presence in existing markets.
In particular, MC Payment will use the funds to expand into Thailand – to build a team at its office premises which officially opened today in Bangkok. MC Payment will use the funds to expand its business operations in Malaysia, Australia and Hong Kong, and to enhance the capabilities and technology of its Singapore team. The company has also recently opened a new office in Bali – with a key focus on merchant acquisition in the hospitality industry.
According to Anthony Koh, Founder and Group Chief Executive of MC Payment, “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.”
Schwin Chiaravanont, Managing Director of 2W Group, said, “The business infrastructure and consumer behaviour in Southeast Asia increasingly depends on open payment platforms like MC Payment that facilitates numerous payment methods – online, offline and mobile. Having developed an award-winning payment platform, MC Payment is well positioned to capitalise 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.”
Charles Wong, Aura Group’s Head of Asia commented, “Led by veteran technopreneur Anthony Koh, MC Payment has carved itself a unique and defensible position in several key industry sectors which allow for strong regional scalability. Their SaaS approach to industry payment solutions powered by its proprietary payment engine will prove a winning formula, and a valuable component to our growing portfolio in the region.”
Veiverne Yuen, Managing Director of tryb Capital added, “MC Payment has developed strong technology that forms the backbone for a wider digital payments platform spanning Southeast Asia. The company also has strong traction in Southeast Asia and Australia – where they are plugged into major payment networks and banks – and has the advantage of being a full stack payment solutions provider in a region where electronic transactions are seeing a massive uptick.”
Beyond MC Payment’s expansion in Southeast Asia, the company will also be utilising its funds on acquisitions and also to initiate strategic venture capital investment opportunities in Southeast Asia.
About MC Payment
MC Payment is a financial technology and business solutions provider which specialises in supporting non-cash payments across Southeast Asia and Oceania. Its comprehensive suite of products provide solutions for in-store, mobile, online and digital payments across the region, and across a variety of industries including non-profit, insurance, e-commerce and financial institutions.
- Xaavan: B2B web-enabled supply chain payment and e-invoicing platform, and the first MasterCard-certified Level 3 enhanced data processing solution in Asia
- MatchCab: customisable platform for transport providers
- ffastpay: B2C mobile payments solution (mPOS)
- MC Payment: payment technology and transaction processing platform which accepts multiple non-cash payment methods within a single platform
MC Payment has also developed a 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. Recognised for its technical expertise, MC Payment has been presented with several prestigious industry awards such as the Smart Awards Asia, Singapore SME 1000 Company and Capital CEO Supreme Brand Award in Hong Kong. For more information, visit: https://mcpayment.com/
About 2W Group
2W Group is a family-owned investment firm that seeks value orientated returns through strategic investments across a variety of industries and asset classes. We focus on venture capital and private equity investments in early stage companies and distressed assets throughout the Asia Pacific region. Our investment philosophy favours novel and scalable businesses that can leverage the ability to derive value from 2W Group’s strategic network. Beyond investments, 2W Group also has a distribution arm that primarily focuses on B2B products and consumer tech products. Current distribution footprint includes Asia Pacific. For more information, visit: http://2wgroup.com/
About Aura Group
Aura Group Pty Ltd consists of a group of global financial services businesses specialising in corporate advisory, funds management and principal investments with offices in Sydney, Melbourne and Singapore. Aura Group is led by a team of professionals possessing a wealth of experience across investment banking, funds management, equities research, law, accounting, taxation and business advisory. The group’s activities are organised into three operating divisions: corporate advisory, wealth management, and principal investments. Its suite of invested portfolio companies are predominantly within the financial services, technology and professional services sectors. For more information, visit: http://auracapital.com.au/
About tryb Capital
tryb Capital invests in growth stage infrastructure companies and platforms transforming financial services in ASEAN. We sit at the nexus of relationships, flow and asset to build leading technology firms for the future. We create value by collaborating with financial institutions, technology vendors, government agencies and investor groups. For more information, visit http://www.tryb.asia/