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Tuesday, 23 November 2021

Tuesday, 23 November 2021
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 * Pace Becomes Fastest-Growing BNPL Startup

Image: imtmphoto, Shutterstock
FINANCE Tuesday, 23 November 2021 11:05


PACE BECOMES FASTEST-GROWING BNPL STARTUP



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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.

 


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