KPay, a financial management and business operations platform, has secured US$55 million in Series A funding.
The round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, managed by Apis Partners LLP, a UK-based global private equity asset manager.
The funding will be used to fuel KPay‘s expansion plans across key Asian economies, including Indonesia, the Philippines, Malaysia, and Thailand.
The company will pursue both organic growth and strategic acquisitions to achieve its goal of supporting one million merchants across Asia in the next five years.
KPay had not previously raised venture capital funding, highlighting its efficient growth model.
Founded over three years ago, KPay has reported a 166% revenue CAGR.
It currently serves over 45,000 merchants in Hong Kong, Singapore, and Japan, providing them with a comprehensive suite of financial and operational tools.
KPay has partnered with over 150 SaaS providers, banks, and financial firms and plans to double these partnerships to support its expansion.
Davis Chan, Co-founder and CEO of KPay, said,
“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”
Christopher Yu, President and CFO of KPay, added,
“Securing this funding gives us financial strength and flexibility to enhance our product innovation, go-to-market speed, customer experience, and operational excellence. All of this is with our merchants in mind, in making it even simpler, smarter, and more cost-effective for them when using KPay’s services.
To do this, we need to continue to attract the best partners and global talent to join us, who share the same ambition to work alongside us to achieve the company’s vision and mission.”
Featured image credit: Edited from Freepik
