Singapore, TechnoBusiness SG ● Pace, an Asian fintech company that serves buy now pay later from Singapore, announced on Sunday (21/11) that it had successfully raised US$40 million in Series A funding.
The funding was obtained from a number of prominent investors, including 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, namely Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures also participated in the latest funding. The funding will be used to expand technology, operations, and business development.
According to founder and CEO Pace Turochas “T” Fuad, the new funding will see the company reach an average Gross Merchandise Run of US$1 billion by 2022 and grow its user base by 25 times in the next 12 months.
Post-funding, Pace will expand to Japan, South Korea, and Taiwan.
Since its founding in January 2020 and launching in 2021, to date Pace has had more than 3,000 points of sale across operations in Singapore, Malaysia, Hong Kong, and Thailand. Post-funding, Pace will expand to Japan, South Korea, and Taiwan.
“These investments from some of the most successful and established investors signify the belief that Pace is the leading buy now pay later player in Asia,” said Turocas. “The region is expected to be the fastest-growing buy now pay later market in the world.”
Paul Ng, Executive Director of UOB Venture Management, said that he was quite impressed with Pace and the founder’s clear vision, rapid growth, and extensive experience in creating financial inclusion.
“The financial industry in Asia is changing dynamically, but Pace has managed to build an edge in the market by leveraging the local consumer curve to establish itself as a dominant player with a clear vision,” added Joon Oh, Executive Director of Atinum Partners Co. Ltd.●
—Michael T. Kheilton, TechnoBusiness SG ● Photo: Pace