The funding will be used to drive product development and its regional expansion plans
Singapore-based e-payment solutions startup Mobile Credit Payment (MC Payment) has announced it has closed a S$6 million (US$4.5 million) Series B round. Previous funding rounds were undisclosed.
The Series B round was led by Asia-focused private equity firm ESW Manage along with private investment firm, DZW Capital. Participating investors include Singapore-based VC and private equity firm Golden Equator Capital.
The newly-raised capital will be channelled towards product development and regional expansion into Sydney, Australia’s B2B market.
MC Payment’s suite of e-payment solutions is serving a growing demand for alternative transaction methods such as mobile payment and e-wallets, in Singapore as well as in APAC. According to a MasterCard survey, use of mobile payments in APAC grew from 9.7 per cent in 2013 to 19.5 per cent in 2015.
Established in 2015 by founder Anthony Koh, the e-payment company currently has a presence in four countries in Asia including Singapore, Hong Kong, Malaysia and Indonesia.
MC Payment’s payment infrastructure supports a range of verticals including B2B logistics, transport providers, insurance, non-profit, F&B, retail and many more. Its clientele includes major e-commerce portal Qoo10, Singapore’s first vending machine cafe Vendcafe, global logistics firm DHL and non-profits such as Hair for Hope and Mercy Relief.
Examples of its solutions include MatchCab, a B2c solution that helps taxi companies to implement e-payment functions; and Xaavan, a B2B platform which helps large purchasers conduct transactions with suppliers seamlessly through an integrated payments platform.
To date, it has partnered with leading payment services First Data, Global Payments, NETS, MEPS, Visa and MasterCard.
“MC Payment solves complex payments issues by building a unified payments platform. With growing adoption of new technologies, digital payments have become an integral part of any business. Anthony and team have demonstrated great foresight to meet these market demands within Southeast Asia and beyond,” said Daren Tan, Managing Partner at Golden Equator Capital.
MC Payment may explore blockchain technology and expand into other verticals in the future, but no plans have been drawn up yet, Koh told e27.
Image Credit: MC Payment
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