Pace, a Singapore-based fintech solution company that offers ‘Buy Now, Pay Later’ (BNPL), announced today that it had raised US$40 million in its Series A investment round.
Investors that joined the round 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.
Following this investment round, the company is now the fastest-growing multi-territory BNPL player from Singapore.
Pace took only a year to grow into a Pan-Asian BNPL provider and is on track to hit Gross Merchandise Value run rate of US$1 billion in 2022.
According to the company, the new funding will go towards expanding technology, operations, and business development. It aims to grow its user base by 25 times over the next 12 months.
“The region is expected to become the world’s fastest-growing BNPL market, and this funding supports Pace in achieving its mission of democratising financial services for all, by helping us pave our expansion into Japan, Korea and Taiwan,” said Turochas ‘T’ Fuad, founder and CEO of Pace.
Out’pacing’ their competitors
Launched in 2021, Pace allows consumers to split their purchase bills into three equal interest-free payments over 60 days 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 in-market payment methods to build resonance with merchants and shoppers.
To date, Pace has more than 3,000 points of sale across the region. This is driven by Pace’s ability to increase overall sales by up to 25 per cent by leveraging local customer insights while driving repeat purchases from Pace’s fast-growing base of users.
Pace aims to create financial inclusion for consumers in the region by helping them take control and shop on their terms while also helping merchants meet the increasing consumer demand and scale sales efficiencies.
With regards to future plans, the BNPL provider will continue to replicate a hyperlocal framework as it goes live in new countries.
Featured Image Credit: Wantedly/ Pace