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After raising US$2 million in Series B funding from GMO Venture Partners in 2014, Singapore-based PayPal challenger 2c2P today announced that it has closed a US$7 million Series C round that brings its total raised capital to over US$10 million.

The investment was led by Hong Kong’s Amun Capital AG and existing investor Japan’s GMO Venture Partners, and will be used to drive regional expansion in Southeast Asia (Thailand, Myanmar, Indonesia, the Philippines and Malaysia are earmarked as priority markets), product development and recruitment.

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2C2P said that it plans to “deepen its product capabilities by expanding its card, cash and cash equivalent acceptance services, the issuance of physical and virtual co-branded debit and prepaid cards with partner banks and retailers, and providing comprehensive payment and payment related services for financial institutions”.

Underpinning it all is Southeast Asia’s bouyant e-commerce market. One report by Frost & Sullivan estimated the B2C e-commerce compound annual growth rate of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam at 37.6 per cent from 2013 to 2018, growing from US$7 billion to US$34.5 billion.

Current finance partners include American Express, China UnionPay, JCB, MasterCard and VISA. In a statement, the company’s Founder and Group CEO Aung Kyaw Moe called the promise of e-commerce in Southeast Asia “tremendous,” citing the region’s over 600 million people, 700 million mobile devices and a combined GDP of US$2.4 trillion.

According to a release, 2C2P processed a record US$2.2 billion in transaction volumes in FY2014, growing by over 400 per cent year-on-year. In 2013, the Deloitte Technology Fast 500 Award recognised the payment service provider, founded in 2003, as one of Asia’s fastest growing technology companies.

Back in February, we reported that the Myanmar Payment Union and 2C2P co-launched Myanmar’s first e-commerce payments platform. The move was significant for the country of 53 million because it allowed its citizens that hold MPU cards (estimated at over 900,000) to buy goods and services online from other countries.

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Image credits: ShutterstockValeri Potapova