Fintech startup MC Payment raises $3.5m to move into Thailand

Photo credit: MC Payment has taken it to heart. The startup just announced it has raised a strategic investment round worth US$3.5 million, just months after raising US$4.5 million in series B.

This latest funding round was led by Thailand-based investment firm 2W Group. Aura Funds Management, Tryb Capital, and Perle Ventures also participated.

MC Payment hasn’t always moved this fast. The Singapore-based startup was founded in 2005 and has worked quietly behind the scenes, developing payment applications and point-of-sale systems. It was one of the first startups that looked into mobile payments on pre-iPhone smartphones.

The company’s most recent product is Xaavan, a business-to-business supply chain and online invoicing system. Other solutions include mobile point-of-sale system Ffastpay for retailers and merchants; taxi company payment system MatchCab; and non-cash payment and e-wallet systems, partnering with payment schemes like MasterPass and NETS.

Managing director of 2W Group, Schwin Chiaravanont (L), and MC Payment founder and CEO, Anthony Koh, at the opening of MC Payment’s Thailand office. Photo credit: MC Payment.

New ground

The funding, immediately available to the startup, will be used for market expansion plans, chief investment officer David Wang tells Tech in Asia. MC Payment will staff up for its new Bangkok office, Thailand being the latest market for the company.

MC Payment will explore acquisition and investing opportunities of its own in Southeast Asia.

The company chose to raise additional funding now in order to make the most of lead investor 2W Group’s networks in the country.

The firm also recently opened an office in Bali, looking to acquire customers from the hospitality industry.

In addition, MC Payment says it will use the money to explore acquisition opportunities and to do some strategic venture capital investing of its own in Southeast Asia. It’s looking to work with companies that can help it get more merchants to use its products across its current markets, David explains.

MC Payment’s services are available in Singapore, Malaysia, Indonesia, Hong Kong, Australia, and now Thailand. Including this round, it has raised a total disclosed US$8 million in external funding so far.