Pace Enterprise (Pace), a BNPL operator founded in 2021, announced today that is has signed an agreement to aqcuire the assets of Rely a competing fintech startup offering BNPL services for an undisclosed sum. This news follows Pace’s US$ 40 million Series A fundraising round in November 2021.
The Rely team will be working with all existing merchants to transition them to Pace’s merchant platforms. As part of this acquisition, all Rely employees will take on new roles at Pace aligned to their previous capacities.
Founded by Hizam Ismail, Chief Executive Officer, Mohamed Abbas, Chief Revenue Officer, and Prakash Raja, Chief Technology Officer in 2017, Rely was one of the earlier operators to offer BNPL payment solutions in Singapore.
In 2020, the firm secured capital from Polaris, the strategic partnerships arm of Goldbell Financial Services, to finance up to S$100 million in BNPL transactions.
Turochas Fuad
“The addition of Rely marks a key milestone achievement for Pace as we continue to strengthen our presence in Asia. With a shared purpose in democratising financial services across the region, we look forward to delivering more compelling offerings that cater to the financial needs of our customers,”
said Turochas “T” Fuad, Pace’s Founder and CEO.
Hizam Ismail
“The Rely team has always been driven by the desire to empower consumers to shop in a sustainable and responsible manner. In this next phase with Pace, we are excited to offer our expertise and contribute to Pace’s broader mission of transforming financial services in the region,”
said Hizam Ismail, Rely’s Chief Executive Officer.
To date, Pace has over 5,000 points-of-sale across the Asia region and is on track to meet its goal of 1 million users by the end of 2022. Pace also aims to have an annualised GMV of USD$1 billion by end 2022.
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