NEWS RELEASE
FinTech Firm MC Payment Raises S$6M (US$4.5M) in Series B Round



Funds to drive product development of key offerings – Xaavan, MatchCab, ffastpay and MC
Payment
Funding supporting expansion in Southeast Asia and into Australia
Rising adoption of non-cash payment options and rising e-commerce to drive growth
Singapore, 25 August 2016 — MC Payment, a financial technology and business solutions
provider based in Singapore, has raised S$6 million (US$4.5 million) in a Series B round. The
funds will be used to drive market expansion into Australia and in Southeast Asia, as well as
enhance its key product offerings, including ‘Xaavan’, its B2B supply chain and e-invoicing
platform for merchants and suppliers.
The investment was led by ESW Manage, an Asia-focused private equity firm along with private
investment firm, DZW Capital. Other investors include Golden Equator Capital, a private equity
and venture capital firm based in Singapore.
Founder and Group Chief Executive Officer 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.”
A key investment priority is ‘Xaavan’, MC Payment’s web-enabled B2B supply chain payment and
e-invoicing platform; it is the first MasterCard-certified Level 3 enhanced data processing solution
in Asia.
MC Payment also offers payment technology and transaction processing solutions under the
product name of ‘MC Payment’. The solution is being used by a number of charities to process
online donations, and is being rolled out by e-commerce giant Qoo10. MC Payment is also
developing a non-cash payment solution for Singapore’s first vending machine café, Chef in Box
VendCafé.
The company also offers a mobile point of sale (mPOS) solution, ‘ffastpay’, used by retailers and
merchants, including insurers and telecommunication firms in Hong Kong and Malaysia, to
support consumer payments on-the-go. The company also has ‘MatchCab’, a platform built for
taxi transport providers that seamlessly integrates into existing booking systems.
MC Payment is looking to capitalise on the strong e-commerce growth in Southeast Asia by
expanding into Thailand, Vietnam, Cambodia, Myanmar and the Philippines, as well as entering
into the Australian market. It currently operates in Singapore, Malaysia, Hong Kong and
Indonesia.
The company is focused on supporting non-cash payments for clients across a variety of
industries, including non-profits, insurance, e-commerce and financial institutions. It is able to
provide seamless support for multiple payment methods with brand-agnostic solutions that
retailers actually need. This is done through technological certification and partnerships with
leading payments schemes from around the world, including global card associations such as
Visa, MasterCard and American Express, as well as domestic payment networks across Asia,
such as NETS in Singapore and MEPS in Malaysia.
Wong Yat Foo, Founder and Chairman at ESW manage, said, “We are leading the investment
round as we are most impressed with the founders’ track record of creating niche technology
products in a market with high barriers to entry, while solving complex customer problems. With
the endorsement and approval of their technology by big players like Visa, MasterCard and many
more, the company has huge potential to serve many more merchants and banks and grow their
transaction business.”
Daren Tan, Managing Partner at Golden Equator Capital, commented, “MC Payment solves
complex payments issues by building a unified payments platform. With growing adoption of new
technologies, digital payments has become an integral part of any business. Anthony and team
have demonstrated great foresight to meet these market demands within Southeast Asia and
beyond.”
Consumers now have access to a rising number of payment options, ranging from mobile wallets,
to credit cards and domestic payment methods. According to IDC Financial Insights, consumers
across Asia are quick to adopt multiple payment choices for both offline and online transactions1,
demonstrated by the increasing use of digital wallets – from 9.7 per cent in 2013 to 19.5 per cent
in 20152. Complementing this growth is a simultaneous increase in cross-border e-commerce
transactions in the region, with online sales in Singapore, Malaysia, Indonesia, Thailand and
Vietnam estimated to grow by up to 25 per cent annually from 20133.
“Internet penetration, global consumer activities and adoption of electronic payment methods has
increased by leaps and bounds; Southeast Asia presents a great opportunity in the payments
space. This is where we come in – to provide specialised financial technology services that
support the complex and growing payment needs within the region,” added Koh.
-###About MC Payment
MC Payment is a financial technology and business solutions provider which specialises in
supporting non-cash payments across Southeast Asia and Oceania. Its comprehensive suite of
products provide solutions for in-store, mobile, online and digital payments across the region, and
across a variety of industries including non-profit, insurance, e-commerce and financial
institutions.
Products include:
 Xaavan – B2B web-enabled supply chain payment and e-invoicing platform, and the first
MasterCard-certified Level 3 enhanced data processing solution in Asia
1
Source: IDC Financial Insights - New Payments for New Consumers: How Technology will Transform Payments in Asia/Pacific
Source: Fintech News Singapore - Digital Wallets Increasing in Popularity in APAC, Singapore As Top 3 Adopters
3 Source: A.T. Kearney – Lifting the Barriers to e-Commerce in ASEAN
2



MatchCab – customisable platform for transport providers
ffastpay – B2C mobile payments solution (mPOS)
MC Payment – payment technology and transaction processing platform which accepts
multiple non-cash payment methods within a single solution
MC Payment has also developed a network of partnerships and accreditations with top banks and
leading payments schemes such as First Data, Global Payments, Visa and MasterCard in order
to process transactions over a multitude of payment channels. Recognised for its technical
expertise, MC Payment has been presented with several prestigious industry awards such as the
Smart Awards Asia, Singapore SME 1000 Company and Capital CEO Supreme Brand Award in
Hong Kong. For more information, please visit: www.sg.mcpayment.com
About ESW Manage
ESW Manage, 中青集团, is a private equity firm focused on investment opportunities particularly
in Asia. Since its inception in 2011, it specialises in remodelling traditional businesses to increase
business profitability, as well as growing the business of selected ventures across industries such
as financials, real estate development, and IT solutions. ESW Manage is handled by a team of
directors who have been chosen due to their experience in senior management or ownership
positions in various industries including investment banking, logistics and property development.
For more information, please visit: www.esw-manage.com
About Golden Equator Capital
Golden Equator Capital (GEC) is a Multi-family Office and Venture Capital firm headquartered in
Singapore. Our investment team reviews entire investment lifecycles, taking a hands-on approach
working closely with Portfolio Companies to generate strong and sustainable returns for all
shareholders. The GEC Technology and Innovation Fund taps into the growth potential of
companies with promising new technologies or innovative products in Asia. For more information,
please visit: www.goldenequatorcapital.com
Media Contacts:
Vanishaa Doshi
Litmus PR
E: [email protected]
M: +65 9754 6787
Clarence Lim
Litmus PR
E: [email protected]
M: +65 9009 5604