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MORE OPTIONSAGREE * finews.ch * finews.com Where Finance Meets * About * Newsletter * Advertise * Home * Finance * People * High-End * finews first * Fintech * Real Assets * Web's Best * Photo Galleries * Advertorials * About * Advertise * Newsletter * Search Tuesday, 23 November 2021 Tuesday, 23 November 2021 * Home * Finance * People * Fintech * High-End * finews first * * Finance > * Pace Becomes Fastest-Growing BNPL Startup Image: imtmphoto, Shutterstock FINANCE Tuesday, 23 November 2021 11:05 PACE BECOMES FASTEST-GROWING BNPL STARTUP * * * * * * * * PDF The Singapore-headquartered buy now pay later (BNPL) platform raised $40 million in its Series A funding round. Pace has raised $40 million in funding from investors from across Asia, including Singapore’s UOB Venture Management, Japan’s Marubeni Ventures, South Korea’s Atinum Partners and Taiwan’s AppWorks, as well as from family offices in Japan and Indonesia, according to an announcement on Tuesday. They join previous Pace backers Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures, which also committed capital to the Series A funding round. According to Pace, this makes it the fastest-growing multi-territory BNPL player from Singapore. Expanding Operations The platform, which was launched this year, has over 3,000 point-of-sales across Asia. Funds will be used for expanding technology, operations and business development. Pace plans to reach a gross merchandise value run rate of $1 billion in 2022 and grow its user base by 25 times in the next 12 months, the statement said. «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,» Turochas Fuad, founder and CEO, said Competitive Sector The BNPL space is expanding rapidly and companies are vying for market share, with a number of partnerships established in recent months to expand their reach. Recent deals include Temasek-backed ShopBack's acquisition of Hoolah in November – part of the payment platform's efforts to drive $3.5 billion in sales this year. Standard Chartered also announced a partnership with BNPL platform Atome to deliver a wide range of financial services to consumers and merchants across key markets in Asia, as well as its partnership with Kredivo – one of Indonesia's largest and fastest-growing digital credit platforms. ADVERTORIAL Saturday, 13 November 2021 00:08 TOP RESIDENCE PROGRAMS FOR BUSINESS MORE ON THIS TOPIC * StanChart Inks Buy-Now-Pay-Later Deal in Indonesia * StanChart Enters BNPL Space With Atome Investment * MAS: Singapore's Exposure to Evergrande «Insignificant» * Payments Platform 2C2P Partners Atome to Grow BNPL Reach * PayPal Inks Deal to Expand Asia Reach LATEST NEWS * Asia Continues to be a Sustainability Laggard * UBS Puts Some U.S. Bankers in «Penalty Box» * Credit Suisse's Settlement Under Scrutiny * OUE C-Reit Taps BNP Paribas Exec for CEO Role * Pace Becomes Fastest-Growing BNPL Startup NEWSLETTER SUBSCRIPTION Free & daily e-mail alerts from finews.asia. MOST POPULAR Credit Suisse Names APAC Head of Wealth Management UBS Officially Opens Singapore Office HSBC's Regional Wealth Head Takes on New Role GIC Nabs Senior Credit Suisse Technologist Swiss «Spy» Banker Has Few Regrets UBS Fund Managers to Exit Amid China Property Crisis Allianz Becomes First Wholly-Owned Foreign Insurer in China UBS Names Successor to Chairman Axel Weber LGT Revs Up in Japan After Raid on Credit Suisse SocGen Names APAC Head of Global Banking and Advisory HIGH-END HIGH-END Thursday, 11 November 2021 14:30 HONG KONG APARTMENT BREAKS SALES RECORD AGAIN * Luxury Hong Kong Apartment Breaks Sale Record HIGH-END Wednesday, 27 October 2021 16:49 HSBC OPENS HUB FOR HNW CLIENTS IN HONG KONG HIGH-END Friday, 15 October 2021 17:08 SOTHEBY'S ALUMNI LAUNCH ASIA-FOCUSED ART ADVISORY HIGH-END Tuesday, 12 October 2021 10:29 SINGAPORE TO EXPAND QUARANTINE-FREE TRAVEL HIGH-END Monday, 11 October 2021 16:24 SINGAPORE PM'S BROTHER SELLS A PAIR OF BUNGALOWS HIGH-END Friday, 8 October 2021 17:26 ALLIANZ: HOUSEHOLD WEALTH GROWS AMID COVID-19 HIGH-END Wednesday, 15 September 2021 13:44 MORE INVESTORS CONSIDERING BUSINESS RELOCATION + More on this topic FINTECH Pace Becomes Fastest-Growing BNPL Startup El Salvador Plans to Build World’s First «Bitcoin City» Narendra Modi Calls for Crypto Cooperation Binance's CZ: «We Want Regulation» Alvin Kwock: «Not Surprised If Some Insurers Sold to Tech Platforms» Payments Processor UniTeller Partners Thunes to Expand in APAC Singapore-Based Crypto Platform Inks Blockbuster Sports Deal Piyush Gupta: «Impact of Technology Will Be Game-Changing» Binance: «Crypto Belongs to All of Us» Risk Management Veteran Joins Payments Firm Aleta Planet + More on this topic PEOPLE PEOPLE Tuesday, 23 November 2021 12:19 OUE C-REIT TAPS BNP PARIBAS EXEC FOR CEO ROLE PEOPLE Tuesday, 23 November 2021 09:55 MAS ADDS BOARD MEMBERS PEOPLE Monday, 22 November 2021 15:21 HAITONG INTERNATIONAL NETS EX-UBS EXECUTIVE PEOPLE Monday, 22 November 2021 10:22 DEUTSCHE BANK BACKS NOMINATION OF EX-AEGON CHIEF AS CHAIRMAN PEOPLE Friday, 19 November 2021 17:07 UBS FUND MANAGERS TO EXIT AMID CHINA PROPERTY CRISIS PEOPLE Friday, 19 November 2021 15:36 MIZUHO CEO TO STEP DOWN PEOPLE Friday, 19 November 2021 10:17 SOCGEN NAMES APAC HEAD OF GLOBAL BANKING AND ADVISORY + More on this topic * Home * Finance * People * Fintech * High-End * finews first Privacy Policy * Finance * Banking * Asset Management * Wealth Management * Insurance * Fintech * Financial Centers * Investing * Regulation * Legal * Healthcare * 1MDB Case * Hong Kong Protests * China Onshore * Coronavirus * People * Moves * Interviews * finews first * Guruwatch * Real Assets * Real Estate * Precious Metals * Traffic * Watches * Wines * Art * Vintage * High-End * Lifestyle * Business Travel * Services * Web's Best * Photo Galleries * finews.tv * Advertorials * Salary Comparison * Newsletter * Search * Archive * About * Profile * Advertise * Media Review * Contact * Privacy Policy Follow us * * * * *