Pace raises USD40 million Series A funding from Pan-Asian group of investors from Singapore, Japan, Korea, China Taiwan and Indonesia
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
Media contact:
Gerald Toh
gerald@pacenow.co
SOURCE: Pace Enterprise
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