2C2P Acquisition, Valuation, Funding & Investors

2C2P was acquired by Ant Group for $738M in April 2022, a 5.9x multiple on $125M of revenue.

See full 2C2P profile

2C2P acquisition price

$738M

Acquired by Ant Group · Apr 2022

2C2P revenue at acquisition

$125M

Last twelve months · Apr 2022

2C2P revenue multiple at acquisition

5.9x

EV/Revenue · Apr 2022

Cumulative funding 2C2P raised

$47M

across 4 funding rounds

2C2P Overview

About 2C2P

2C2P is a Singapore-headquartered payments platform processing over $30 billion in transactions annually across Asia-Pacific. Founded in 2003, it integrates 200 payment methods, including 400,000 offline locations, for enterprises like Grab and Shopee. Services encompass online, mobile, and in-store payments plus fraud prevention via 3D Secure. With 500 employees in 10 offices, 2C2P supports 100,000 merchants globally.


Founded

2003

HQ

SingaporeSingapore

Website

2c2p.com

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Revenue

$125M (Apr 2022)

Valuation

$47M (Apr 2015)

2C2P Acquisition

2C2P was acquired by Ant Group for $738M on 18 April 2022.

The acquisition price implies a 5.9x revenue multiple on $125M of revenue.

Before the acquisition 2C2P had raised $47M across 4 funding rounds.

2C2P is a Singapore-based global payments platform offering cross-border payment solutions, with over 250 payment options across online, mobile, and offline channels in Southeast Asia markets like Thailand, Singapore, and Malaysia. Ant Group, operator of Alipay and Alipay+, announced a strategic partnership on April 18, 2022, acquiring a majority stake of over 80%, valuing the firm at more than US$590 million. The deal integrates 2C2P's merchant network with Alipay+ to expand payment methods, e-wallets, and geographical reach to over one billion consumers globally. The partnership aims to accelerate digital payment adoption and innovation in Southeast Asia, leveraging Ant's cross-border capabilities and 2C2P's local expertise. Post-acquisition, 2C2P reported 2022 revenue of US$124.5 million and reduced losses significantly in 2023 to US$2.6 million through revenue growth and cost cuts. This fits Ant Group's strategy of building a global payments ecosystem via investments in regional players.

2C2P acquisition details
AcquirerDateTypePriceEV/Revenue
18 Apr 2022Strategic M&A$738M5.9x

2C2P Valuation

2C2P is currently valued at $47M, based on its Series C in April 2015.

The $7M round was led by Amun Capital and Digital Spring Ventures, with participation from GMO VenturePartners.

2C2P's valuation has grown 2.9x from $16M at its Series B in January 2014 to $47M in April 2015, across 2 priced rounds.

2C2P valuation by funding round

2C2P valuation by funding round
DateStageValuation
Apr 2015Series C$47M
Jan 2014Series B$16M

2C2P Funding History

2C2P has raised a total of $47M across 4 funding rounds.

2C2P's first fundraising round was a $2M Series B in January 2014. The most recent completed round was a $30M Series E in November 2019.

2C2P funding rounds

2C2P funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2019Series EArbor Ventures; Cento Ventures; International Finance Corporation$30M--
Dec 2016Series DDigital Spring Ventures$8M--
Apr 2015Series CAmun Capital (lead); Digital Spring Ventures (lead); GMO VenturePartners$7M$47M2C2P is a Singapore-headquartered payment services provider focused on Southeast Asia, enabling payments across major card networks including American Express, China UnionPay, JCB, MasterCard, and Visa. The company works with financial institutions, e-commerce platforms, and retailers across the region, processing $2.2 billion in transaction volume during 2014, representing 400% year-over-year growth. In April 2015, 2C2P closed a $7 million Series C round led by Hong Kong-based Amun Capital and GMO Venture Partners from Japan. The round valued the company at $47 million post-money (on a $40 million pre-money basis), bringing total funding to $10 million to date. The capital was deployed to expand operations across Southeast Asia with Thailand, Myanmar, Indonesia, the Philippines, and Malaysia as priority markets, and to add senior management depth supporting geographic expansion and product development. The company had demonstrated strong growth momentum, with management projecting robust revenue increases in 2015 based on consistent performance over the prior four years. 2C2P operated in all major Southeast Asian countries except Vietnam and Brunei, with 89 employees at the time of the round and plans to expand to 120 by year-end 2015.
Jan 2014Series BGMO VenturePartners (lead)$2M$16M-

Who has invested in 2C2P?

6 investors have backed 2C2P across its funding rounds, including GMO VenturePartners, Digital Spring Ventures, International Finance Corporation, Arbor Ventures, Cento Ventures and Amun Capital.

Lead investors include Amun Capital, Digital Spring Ventures and GMO VenturePartners.


2C2P Investors

Investors in 2C2P by funding rounds participated
InvestorHQRoundsRoleFirst check
GMO VenturePartnersJapanTokyo2LeadJan 2014
Digital Spring VenturesUAEAbu Dhabi2LeadApr 2015
Arbor VenturesSingaporeSingapore1ParticipantNov 2019
Amun CapitalHong KongHong Kong1LeadApr 2015

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2C2P Competitors

2C2P competitors include listed companies like PaySign and Seshaasai, and private ones like Check, Speedchain, Mudflap and AtoB.

Public and private companies comparable to 2C2P
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CheckUnited StatesNew York City, NYPrivate--$725M-
SpeedchainUnited StatesAtlanta, GAPrivate--$720M-
PaySignUnited StatesUnited StatesPublicly listed$82M$16M$701M6.4x
MudflapUnited StatesSan Francisco, CAPrivate--$700M-
AtoBUnited StatesSan Francisco, CAPrivate$100M-$800M-
SeshaasaiIndiaIndiaPublicly listed$150M$41M$617M3.7x

2C2P Public Comps

2C2P is no longer listed, but its public comps include Sunyard Technology, Cass Information Systems, Digital Garage, PaySign, SY Holdings Group, SLR Digital Finance, PAR Technology, Cuscal, Seshaasai and Cash Plus.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sunyard Technology$307M$10M2.2x-69.2x-
Cass Information Systems$182M-4.6x4.1x--
Digital Garage$263M$51M1.9x1.9x10.0x10.3x
PaySign$82M$16M8.3x6.4x43.3x20.7x
SY Holdings Group$135M$120M5.8x-6.5x-
SLR Digital Finance$224M$219M6.2x6.9x6.4x-
PAR Technology$456M($27M)2.2x2.0x(38.0x)24.4x
Cuscal$297M$22M5.1x5.8x67.8x24.6x

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Common questions about 2C2P

When was 2C2P founded?2C2P was founded in 2003.
Where is 2C2P headquartered?2C2P is headquartered in Singapore.
Is 2C2P publicly listed?No, 2C2P was acquired by Ant Group in April 2022.
Who acquired 2C2P?2C2P was acquired by Ant Group in April 2022.
How much was 2C2P acquired for?2C2P was acquired for $738M in April 2022, a 5.9x revenue multiple.
What is 2C2P's valuation?2C2P was last valued at $47M in its Series C in April 2015.
How much funding has 2C2P raised?2C2P has raised $47M across 4 funding rounds.
What was 2C2P's last funding round?2C2P's last funding round was a $30M Series E in November 2019.
Who are 2C2P's investors?2C2P's investors include GMO VenturePartners, Digital Spring Ventures, Arbor Ventures, Amun Capital, Cento Ventures and International Finance Corporation.
Which companies are comparable to 2C2P?Companies comparable to 2C2P include Check, Speedchain, PaySign, Mudflap, AtoB and Seshaasai.

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