S’pore BNPL Pace raises $ 40 million in Series A. – Wired PR Lifestyle Story

RhythmThe Singapore-based fintech solution company ‘Buy Now, Pay Later’ (BNPL) today announced that it has raised $ 40 million in its Series A investment round.

Investors included in the round are UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (Taiwan) and some family offices in Japan and Indonesia.

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

Following this round of investment, the company is now a fast-growing BNPL multi-territory player in Singapore.

Pace needed just one year to become a Pan-Asian BNPL supplier and is on track to reach a $ 1 billion Gross Merchandise Value Rate by 2022.

According to the company, the new funding will be focused on expanding technology, operations and business development. It aims to increase its user base by 25 times in the next 12 months.

“The region is expected to become a growing BNPL market in the world, and this funding will help PAC achieve its mission of democratizing financial services for all by helping to expand our expansion in Japan, Korea and Taiwan,” he said. Turochas ‘T’ Fuad, founder and CEO of Pace.

Outperforming their competitors

Launched in 2021, Pace allows consumers to distribute their purchase invoices over three equal interest-free payments over 60 days through an omnikanal experience that helps them spend sustainably.

Foreign operations have grown successfully by working closely with regulators and adapting ultra-local approaches, such as integrating frequently used market payment methods, to create an impact with merchants and buyers.

To date, Pac has more than 3,000 outlets across the region. This is fueled by Pace’s ability to increase overall sales by up to 25 percent, taking advantage of local customer perspectives while repeating 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 make purchases on their own terms, while at the same time helping retailers respond to growing consumer demand and increase sales efficiency.

As for future plans, the BNPL provider will continue to repeat a hyperlocal framework as it is launched in new countries.

Featured Image Credit: Wantedly / Pace