Singapore-based fintech solution company Pace, which offers Buy Now, Pay Later (BNPL), recently announced that it has raised $40 million in a Series-A funding round and will use the funding to expand its business, according to media reports. Currently, Pace operates in Singapore, Malaysia, Hong Kong and Thailand.
Some of the investors that joined the round are UOB Venture Management, Marubeni Ventures, Atinum Partners, AppWorks, Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures.
The company announced that funding will specifically go towards expanding the company’s technology operations, and business development. The company has also set a target of hitting a gross merchandise value run rate of $1 billion in 2022 and also to grow its user base by 25 times by the end of 2022.
Turochas Fuad, CEO, Pace, told the media, “The region is expected to become the world’s fastest-growing BNPL market, and this funding supports Pace in achieving its mission of democratizing financial services for all, by helping us pave our expansion into Japan, Korea, and Taiwan.”
Launched in 2021, Pace allows consumers to split their purchase bills into three equal interest-free payments over 60 days with the help of an omnichannel experience that helps them spend sustainably. In this short period of time, the company has grown its overseas operations and has also adapted ultra-local approaches, such as integrating frequently used in-market payment methods to build resonance with merchants and shoppers.
Currently, Pace has more than 3,000 points of sale across the region, which helps the company’s ability to increase overall sales by 25 percent by leveraging local customer insights while driving repeat purchases from Pace’s fast-growing base of users.