29 Apr '15, 10am
Singapore’s PayPal Challenger Raises $7M
PayPal’s Singapore competition, 2C2P, a payment services provider, is making headlines as it closed a $7 million deal in Series C funding, bringing its total capital raised to $10 million, according to e27 , a Singapore-based business news service. Created in 2003, 2C2P is one of Asia’s fastest growing technology companies, which is projected to raise its value from $7 billion value to $34.5 billion by 2018. This deal is taking place just a year after Myanmar Payment Union (MPU) and 2C2P launched an eCommerce platform allowing its 900,000 cardholders to search, select and directly pay for their online purchases. 2C2P processed $2.2 billion in transactions in 2014, which was a 400 percent growth from the year prior, according to figures provided by the company. According to the e27’s report, 2C2P plans to “deepen its product capabilities by expanding its card, cash and cash...