PR93176

SINGAPORE, Nov. 22, 2021 /PRNewswire＝KYODO JBN/ --

-Series A investors include Japan's Marubeni Ventures, South Korea's Atinum

Partners, China Taiwan's AppWorks, Indonesia's Alpha JWC, and Singapore's UOB

Venture Management, Vertex Ventures Southeast Asia, and Genesis Alternative

Ventures

-Funding from local investors supports and strengthens Pace to forge ahead with

its expansionary plans to Japan, Korea, and China Taiwan  

-Pace took only a year to grow into a Pan-Asian BNPL provider and is on track

to hit Gross Merchandise Value run rate of USD1 billion in 2022

Pace(https://www.pacenow.co/), a Singapore-based fintech solution company that

allows customers to 'Buy Now Pay Later' (BNPL), today announced that it has

raised USD40 million in its Series A investment round. Investors that joined

the round include UOB Venture

Management(https://www.uobvm.com.sg/en/index.page) (Singapore), Marubeni

Ventures(https://www.marubeni-ventures.com/en/) (Japan), Atinum

Partners(https://www.atinuminvest.co.kr/) (South Korea),

AppWorks(https://appworks.tw/) (China Taiwan), and a series of family offices

from Japan and Indonesia. Previous investors, Vertex Ventures Southeast

Asia(https://www.vertexventures.sg/), Alpha JWC(https://www.alphajwc.com/en/),

and Genesis Alternative Ventures(https://www.genesisventures.co/) also

participated.

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.''

"We are impressed by Pace and the founder's clear vision, rapid growth, and

experience not only in BNPL payments but in its progress in creating financial

inclusion, and remain confident in their ability to revolutionize financial

services. With this funding, we are excited to join them on their journey

forward," said Paul Ng, Executive Director at UOB Venture Management.

Joon Oh, Executive Director, Atinum Partners Co., Ltd, commented: "The

financial services industry in Asia is shifting dynamically, but Pace has

managed to establish primacy in markets by tapping into local consumer curves

to establish itself as a dominant player with its clear vision. Through this

funding, we hope for Pace to continue empowering more people across Asia with

innovative fintech services."

Following this investment round, Pace is now the fastest growing

multi-territory BNPL player from Singapore. The new funding will go towards

expanding technology, operations, and business development, 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.

To date, Pace has more than 3,000 points-of-sale across the region, driven by

Pace's ability to increase overall sales up to 25% by leveraging local customer

insights, while driving repeat purchases from Pace's fast-growing base of users.

Chua Joo Hock, Managing Partner of Vertex Ventures SEA and India, added: "Since

leading its seed round, we have seen Pace grow by 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."  

Launched in 2021 by Turochas 'T' Fuad, Pace has successfully grown its overseas

operations by working closely with regulators and adapting ultra-local

approaches, such as integrating frequently used in-market payment methods to

build resonance with merchants and shoppers. It will continue to replicate a

hyperlocal framework as it goes live in new countries.

Currently, Pace allows consumers to split their purchase bills into three

interest-free payments over 60 days, through an omnichannel experience that

helps consumers spend sustainably.

Pace aims to create financial inclusion for consumers in the region, by helping

them take control and shop on their terms, while helping merchants meet the

increasing consumer demand and scale sales efficiencies.

About Pace

Pace(https://pacenow.co/) is the fastest-growing multi-territory fintech

solutions company from Singapore with a mission to democratize financial

services across Asia. It aims to build a banking engine that can operate across

countries easily 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. Pace currently operates in Singapore, Malaysia, Hong Kong, and

Thailand. For more information about Pace and how it sets out to achieve its

vision to become Asia's future digital banking engine, visit

https://pacenow.co/.

Media contact:

Gerald Toh

gerald@pacenow.co

SOURCE:  Pace Enterprise