Can this fintech startup stay profitable?

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Hello readers,

Have you heard TikTok’s new viral song? It’s called “F**k 2020” and captures the essence of this year pretty well for businesses and startups. One company that’s fighting back is 2C2P, which became profitable in 2019. That said, is it on track to stay in the black this year? We look into the numbers in more detail below.

Your quick bytes for today:

🚗 Grab Indonesia and its partner were fined over US$3 million for showing favoritism.

💰 Intel has joined Jio Platforms’ long line of suitors, investing US$253 million in the digital services firm.

📚 ByteDance is going up against Tencent in the battle for online literature, as the TikTok owner took around a 10% stake in Dingtian Culture, which runs multiple online reading platforms.

🍔 The tension between India and China isn’t just affecting the Chinese apps that India has banned. Indian food delivery startup Zomato, for instance, is having problems accessing US$100 million of its funding from Ant Financial.

🤝 Indian payment gateway BillDesk is looking for buyers who want to purchase its entire business for US$2.5 billion.

This fintech company had the best year ever

2019 was an awesome year for payments platform 2C2P.

Last year, the company became profitable, generating US$81.3 million in revenue (🔒), up 57.5% from the year prior.

What’s the secret?
Remember the good old times when you were able to just buy an airplane ticket on AirAsia’s website? You were likely using 2C2P’s payment gateway to pay for it.

The platform helps companies process payments through a multitude of options like credit cards, digital wallets, and cash payments.

Who says you need to go to a karaoke bar to sing?