Former WeWork Regional MD Launches Buy Now, Pay Later Solution With 7-Figure Fundingby Fintech News Singapore January 20, 2021
Entrepreneur Turochas “T” Fuad who had previously founded Spacemob and Travelmob, has launched his latest venture Pace Enterprise, a Buy Now Pay Later (BNPL) solution that facilitates extended buying limits to underserved segments.
Pace raised a seven-figure seed round co-led by Vertex Ventures, a Temasek subsidiary, and Alpha JWC, which will be used to further develop its platform. The launch of his new venture comes off the back of a growing interest in the Buy Now Pay Later space in South East Asia.
Pace is headquartered in Singapore and is available in Singapore, Malaysia, Thailand and Hong Kong.
Using a bespoke financial profiling algorithm, Pace matches customers with appropriate spending limits that allow them to split their purchases over 3 interest-free installments.
“The reason we launched Pace, and our long-term goal, is to create a broader and more inclusive digital fintech platform that empowers underserved populations.
To achieve this, BNPL is the right first step that flexibly and seamlessly extends customers’ buying limits while giving merchants access to financing alternatives and entirely new customers segments,”
said Turochas “T” Fuad, Founder and CEO, Pace.
“Pace has a clear and bold vision to create an inclusive and accessible ecosystem. With a strong founding team that has worked together for over 10 years and has a proven track record in building successful ventures, Pace is already transforming the fintech space, and we’re excited to be a part of that growth.
Vertex Ventures SEA was an early investor in Spacemob. We have been impressed with T at Spacemob and are happy to back him again in this new venture,”
said Kee Lock Chua, Managing Partner, Vertex Ventures SEA & India.
Since rolling out its BNPL offering in November 2020, Pace reported that it has added over 300 points-of-sale from over 200 merchant partners including Goldheart, OSIM, Sincere Watch, Carousell, Reebonz, and FJ Benjamin.
The company aims to reach 5,000 merchant partners by the end 2021 through its geographical expansion into North Asia and the rest of Southeast Asia.