2C2P is profitable, hits $81.3m in revenue in 2019

Payments platform 2C2P has posted improved financial results, achieving profitability in 2019.

The Singapore- and Bangkok-based company generated US$81.3 million in revenue, up 57.5% from the year prior.

Most of the revenue came from concluded service agreements, which contributed US$44.1 million, while the rest was from sales of e-merchandise.

2C2P operates payment gateway, corporate card issuance, digital wallet, and remittance services and is also a wholesaler of digital goods – it purchases digital codes from telco and gaming companies by bulk and sells them in retail. It’s likely that the revenue from the “sales of e-merchandise” refers to this wholesaler business.

Tech in Asia has reached out to 2C2P, but it did not respond to our questions.

Prior to the Covid-19 pandemic, the company said that it was on track to hit US$100 million in revenue this year.

Landing big-name clients such as tech giants Facebook and Apple as well as ecommerce majors Lazada and Zalora no doubt aided the company in achieving its current milestone.

It also made headway in the industry by working with online travel companies and regional airlines, which were some of its earliest clients. These include the likes of Agoda, Traveloka, Philippine Airlines, Malaysia Airlines, and Thai Airways, among others.

According to the firm, travel companies remain to be the biggest contributor to its gross merchandise volume. However, it’s unclear how 2C2P’s GMV will be affected by the Covid-19 pandemic, which wiped out business for the travel sector.

Nevertheless, the company recorded a total comprehensive income of US$2.1 million for the full year. In comparison, it posted comprehensive losses of US$1.1 million in 2018 and US$2.2 million in 2017.

Despite this, 2C2P’s total costs and expenses hit US$79.7 million for full-year 2019, up from the US$52.8 million in the prior year.

The company’s total liabilities also went up during the year, mainly due to increased trade and other payables.