Financial services company Ant Group, part of Alibaba Group, bought a majority stake in Singapore's 2C2P payments company in April this year, and the deal helped bring 2C2P's valuation to more than 590 million USD, according to calculations by the company. Deal Street Asia is based on public records.
At the time, Ant Group announced it was buying a majority stake in 2C2P, a platform that allows businesses to make and accept cross-border payments, but did not disclose the terms of the agreement. This merger was completed on June 24, according to 2C2P's 2021 annual report. In which, total profit reached 549,267 USD, while revenue decreased 7.7% year-on-year to the same period last year. 112.9 million USD.