Singapore based electronic transaction processing company MC Payment raised a $4.5m Series B led by ESW Manage. According to the company, a key investment priority is ‘Xaavan’, MC Payment’s web-enabled B2B supply chain payment and e-invoicing platform. It is claimed to be the first MasterCard-certified Level 3 enhanced data processing solution in Asia.
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.