The Singapore-based financial technology solutions provider, Pace recently announced that it has secured $40 million in the Series A funding round. The financing came from some of the leading Asian investors, including UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks and a series of family offices from Japan and Indonesia.
Buy Now Pay Later (BNPL) solutions provider highlighted its recent growth in Singapore. According to the company, the new funding will facilitate the expansion of technology, operations and business development.
Pace is one of the fastest-growing BNPL startups in Singapore. The fintech platform has more than 3,000 point-of-sales across the region. The company has expanded its operations significantly during the last few months.
Turochas ‘T’ Fuad, Founder and CEO of Pace, said: “This investment from some of the most successful and established investors signals confidence that Pace is a leading BNPL player in Asia. 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 China Taiwan.”
Rising BNPL Sector
BNPL technology has gained popularity among users around the world. The Asian BNPL market is now worth billions of dollars. Leading venture capital firms around the world are now targeting emerging BNPL players in Asia to facilitate the adoption of the mentioned technology in the region.
“Since leading its seed round, we have seen Pace grow in leaps and bounds. It has demonstrated excellence in expanding its users and merchants significantly to become a leading regional BNPL player. BNPL will become more prevalent in Asia, and our continuing funding in Pace reaffirms our belief in the strong execution capability of T and his team, and the hyper-growth prospects of the Company,” Chua Joo Hock, Managing Partner of Vertex Ventures SEA and India, commented.
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