- 2C2P slashes losses by 93%.
- Revenue grows 5%.
- Expansion plans continue amid cost-cutting measures.
From red to (almost) black
Singapore-based fintech firm 2C2P, acquired by Ant Group in 2022, has made significant strides in scaling its business.
2C2P reported a 5% revenue increase in 2023 compared to the previous year, coupled an impressive 93% reduction in losses.
This turnaround comes amid a surge in digital payment transactions across Southeast Asia, a trend expected to continue in the coming years.
Partnerships pave the way
Throughout 2023, 2C2P forged strategic alliances to bolster its market position. Notable collaborations include partnerships IKEA, Asus, and Pine Labs, expanding its buy now, pay later (BNPL) services across six key Asian markets.
They also teamed up DKSH Partners to enhance patient engagement management platforms and AMK to support money transfers between Thailand and Cambodia.
The dramatic reduction in losses can be largely attributed to a 41% decrease in employee benefits expenses.
However, this cost-cutting measure raises questions about sustainability, especially given 2C2P’s plans to expand its workforce.
The company’s financial picture is further complicated by a one-time share-based payment in 2022, which, if excluded, would have actually shown a net profit for that year.
To read the original article: https://www.techinasia.com/ant-group-2c2p-scale-fintech-2023-bnpl
