Pace funding

S’pore BNPL firm Pace raises US$40M in Series A round

Pace, a Singapore-based fintech solutions company that offers Buy Now, Pay Later (BNPL), today announced that it has raised US $ 40 million as part of its series investment round TO.

Investors who have joined the cycle include UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (Taiwan) and a series of family offices from Japan and Indonesia.

Previous investors, Vertex Ventures Southeast Asia, Alpha JWC and Genesis Alternative Ventures also participated in the round.

As a result of this investment round, the company is now Singapore’s fastest growing multi-territorial BNPL player.

It only took a year for Pace to become a pan-Asian BNPL provider and is on track to achieve the gross value of goods execution rate of US $ 1 billion in 2022.

According to the company, the new funding will go to expanding technology, operations and business development. It aims to grow its user base by 25 times over the next 12 months.

“The region is set to become the fastest growing BNPL market in the world, and this funding supports Pace in achieving its mission of democratizing financial services for all, helping us prepare for our expansion in Japan, Korea and Taiwan, ”said Turochas ‘T’ Fuad, Founder and CEO of Pace.

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Image credit: Pace

Launched in 2021, Pace allows consumers to split their shopping bills into three equal interest-free 60-day payments through an omnichannel experience that helps them spend sustainably.

It has successfully grown its overseas operations by working closely with regulators and adapting ultra-local approaches, such as integrating frequently used payment methods in the market to resonate with merchants and buyers.

To date, Pace has more than 3,000 outlets across the region. This is due to Pace’s ability to increase overall sales by up to 25 percent by leveraging local customer information while driving repeat purchases from Pace’s rapidly growing user base.

Pace aims to create financial inclusion for consumers in the region by helping them take control and buy on their terms, while helping merchants meet growing consumer demand and increase sales efficiency.

Regarding future projects, supplier BNPL will continue to replicate a hyperlocal framework as it goes live in new countries.

Featured Image Credit: Wantedly / Pace

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