Pace, a Singapore-based fintech solution company that allows customers to ‘Buy Now Pay Later’ (BNPL), raised USD40M in Series A funding.
Backers included UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (China Taiwan) and a series of family offices from Japan and Indonesia, as well as Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures.
The company intends to use the funds to expand technology, operations, and business development across Taiwan, Japan, Korea, and China, to hit a Gross Merchandise Value run rate of USD1 billion in 2022 and grow its user base by 25X over the next 12 months.
Led by Turochas ‘T’ Fuad, Founder and CEO, Pace is a multi-territory fintech solutions company with a mission to democratize financial services across Asia. It aims to build a banking engine that can operate across countries to help merchants create sales efficiencies and provide consumers with an option to spend sustainably. Its “Buy Now Pay Later” (BNPL) solution for offline and online merchants matches customers with appropriate spend limits and allows them to split their purchases over three interest-free payments.
To date, Pace has more than 3,000 points-of-sale across the region.