Singapore: Fintech player MC Payment closes $4.5m Series B led by ESW Manage
August 25, 2016: MC Payment, a Singapore-based fintech and business solutions provider, has closed an S$6 million ($4.5 million) in a Series B round led by ESW Manage, an Asia-focused private equity (PE) firm, along with private investment firm, DZW Capital. Other investors include Golden Equator Capital, a multi-family office, PE and venture capital (VC) firm based in Singapore.
MC Payment currently operates in Singapore, Malaysia, Hong Kong and Indonesia and works on simplifying complex digital payment issues.
This latest investment will fund its market expansion into Australia and Southeast Asia as well as enhance its key product offerings, including ‘Xaavan’, its B2B supply chain and e-invoicing platform for merchants and suppliers.
Currently, it offers a number of payment solutions such as mobile point of sale (mPOS) solution (ffastpay), Xaavan and its flagship MC Payment product. In addition, it provides a payment solution for taxi transport providers, ‘MatchCab’, which integrates into existing booking systems.
Founder and Group CEO of MC Payment, Anthony Koh, said, “Businesses today are operating across countries, with consumers using a variety of non-cash payment options. We see an urgent need for platforms that can process a multitude of payment methods; something we have deep experience in.”
“This funding will help us to address that demand by accelerating development of end-to-end payments solutions across industries in the region,” Koh added.