Payments platform 2C2P has rolled out a rebrand and a three-year plan that includes a $60-million investment in technology, infrastructure, and innovation, marking its next growth phase under new leadership.
The Singapore-headquartered firm, which became a wholly owned subsidiary of Ant Group’s Ant International unit in 2022, said the rebrand reflects its closer alignment with Antom’s global merchant digitisation strategy. Antom is the merchant-payment and digitisation services arm of Ant International.
The new direction will be led by chief executive officer-elect Worachat Luxkanalode, formerly of Grab, who succeeds founder Aung Kyaw Moe, marking the company’s first major leadership transition in 22 years.
In a statement, Luxkanalode said he aims to position the firm as “the most innovative and trusted fintech partner to power inclusive and sustainable growth across Southeast Asia.”
“We have evolved from serving primarily large enterprises to empowering businesses of all sizes, and from focusing on digital and online payments to delivering true omnichannel capabilities that connect online, mobile, and offline transactions,” he said.
“We are also investing in the next generation of Southeast Asia’s fintech talent and forging strategic partnerships with local and global businesses that will enable the region to remain at the forefront of financial technology,” he added.
The company said its new strategy will centre on three business pillars: fortifying its core enterprise solutions, accelerating regional growth across Southeast Asia, and developing product innovations to tap new segments, including small and medium enterprises.
As part of the revamp, 2C2P introduced a refreshed brand identity featuring a new logo, colour palette, and updated vision and mission statements to reinforce its closer alignment with Antom.
Shifting gears
The rebrand comes as 2C2P seeks to build on growth momentum amid narrowing margins. In August, the firm reported a 20% increase in revenue to $157.4 million in 2024, but its net loss widened to $4.28 million due to higher direct and employee costs, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Direct costs rose 26% year-on-year to $115.2 million, while staff-related expenses grew 17% to $22.8 million. The company cited investments in technology upgrades and regional expansion as key cost drivers.
Still, 2C2P ended 2024 with $170.5 million in cash, up 16% from the previous year, supported by steady operating cash flows.
The company had earlier told DealStreetAsia that growth was “driven by the nurturing of strategic global accounts operating in Southeast Asia” and that it remained confident in its long-term trajectory under Ant International.
2C2P recently secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS), enabling it to offer domestic and cross-border money transfers, as well as merchant acquisition services in Singapore.
The firm said the licence will allow it to expand service coverage for regional merchants and deepen its collaboration with both Antom and local financial institutions.
