Pace raises USD40m Series A funding from Pan-Asian group of investors

By Leandra Monteiro

Pace, a Singapore-based FinTech solution company that allows customers to ‘Buy Now Pay Later’ (BNPL), announced that it has raised USD40 million in its Series A investment round. Investors that joined the round include UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (China Taiwan), and a series of family offices from Japan and Indonesia. Previous investors, Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures 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.”

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.

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.