BNPL start-up Pace raises $40m in pan-Asian Series A
Singapore-based buy now, pay later (BNPL) start-up Pace has raised $40 million in Series A funding from a pan-Asian group of investors.
The investors include Japan’s Marubeni Ventures, South Korea’s Atinum Partners, Taiwan’s AppWorks, Indonesia’s Alpha JWC and Singapore’s UOB Venture Management, Vertex Ventures Southeast Asia and Genesis Alternative Ventures.
The funding will support Pace’s plans to move into Japan, Korea and Taiwan. It will also be used to expand technology, operations and business development.
Pace was only launched earlier this year and seeks to work closely with regulators and adapt “ultra-local approaches”, such as integrating frequently used in-market payment methods to attract merchants and shoppers.
It allows consumers to split their purchase bills into three interest-free payments over 60 days. It aims to build a banking engine that can operate across countries to help offline and online merchants create sales efficiencies. It currently operates in Singapore, Malaysia, Hong Kong and Thailand.
The company claims it is on track to reach a Gross Merchandise Value run rate of $1 billion in 2022 and grow its user base by 25 times over the next 12 months. To date, Pace claims more than 3000 points-of-sale across the region.
Turochas Fuad, founder and CEO of Pace, says: “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.”