Turochas Fuad’s BNPL Firm Pace Raises US$40 Million in Series Aby Fintech News Singapore November 23, 2021
Pace, a Singapore-based Buy Now Pay Later (BNPL) solution, announced that it has raised US$ 40 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 (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 in the round.
Pace said that the new funding will go towards its technology, operations, and business development as it aims to hit a Gross Merchandise Value run rate of US$ 1 billion in 2022 and grow its user base by 25X over the next 12 months.
Launched in 2021 by Turochas ‘T’ Fuad, Pace has more than 3,000 points-of-sale across the region to date.
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 democratising financial services for all, by helping us pave our expansion into Japan, Korea, and Taiwan.”