KPay raises $55m in Series A round to fuel expansion plans in Asia

By Gloria Mathias

KPay Group (KPay), a one-stop financial management and business operations platform, has announced the completion of its first institutional funding round, raising a record $55 million. This is the most significant Series A globally in the payments sector in 2024.

This investment was led by Apis Growth Markets Fund III and Apis Global Growth Fund III (both of which Apis Partners LLP manages), validating KPay’s strategic vision, market leadership, and ambitious growth trajectory.

The investment from Apis Partners includes KPay’s commitment to expand its presence across key Asian economies, including Indonesia, the Philippines, Malaysia, Thailand, and more.

KPay will leverage the capital to drive organic growth and strategic mergers and acquisitions. This partnership aligns closely with Apis and KPay’s shared vision of driving meaningful change and recognising the critical role of SMEs.

UK-based Apis Partners is an ESG and impact-native global private equity asset manager that manages or advises on total assets under management of $2.3 billion. This investment will not only accelerate KPay’s existing trajectory but also provide the basis for its aggressive expansion plans across Emerging Asia.

KPay’s Series A stands out as a testament to the company’s execution excellence and the opportunity set ahead. The funding also demonstrates investors’ appetite to back companies like KPay, which has a proven playbook to drive expansion across Asia and can do so in a capital-efficient manner.

Davis Chan, co-founder and CEO of KPay, said, “I am incredibly proud of this financial milestone our team has achieved. We are excited to use this funding to not only expand our existing markets’ SME merchant base but also broaden our reach into new merchant industry categories, merchants of all sizes, and merchants operating in other underserved markets across Asia. This will bring us closer to our ambitious goal of supporting one million merchants over the next five years.”

Matteo Stefanel, Co-Founder and Managing Partner at Apis Partners, shared, “We are thrilled to lead this investment in KPay, a unique company demonstrating remarkable growth under the leadership of seasoned third-time founders and an exemplary management team. As one of the most active global FinTech investors in growth-stage companies, Apis is eager to bring our domain expertise to support this exciting phase of KPay’s journey.”