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Singapore-based BNPL firm Pace raises $40m

Singapore-based BNPL firm Pace raises $40m

Singapore-based buy now, pay later outfit Pace has raised US$40 million in a Series A funding round joined by a group of pan-Asian investors.

UOB Venture Management, Marubeni Ventures, Atinum Partners, AppWorks, Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures participated the round.

Launched this year, Pace already operates in Singapore, Malaysia, Hong Kong, and Thailand and plans to move into Japan, South Korea nd Taiwan.

The funding will go towards expanding technology, operations, and business development as Pace sets a target of hitting a gross merchandise value run rate of US$1 billion in 2022 and growing its user base by 25X over the next 12 months.

Turochas Fuad, CEO, Pace, says: "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 Taiwan."

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