HitPay, a one-stop payments platform for small and medium-sized enterprises (SMEs), announced that it has secured a US$15.75 million Series A funding round.
The fundraise was led by Tiger Global and joined by returning investors Global Founders Capital and HOF Capital.
With the capital raised, HitPay said that it will continue to develop its payments infrastructure platform with unique SME-friendly features including support for local and international payment methods, best-in-class business software, and integrations with accounting and e-commerce platforms.
Established in Singapore, HitPay will also further invest in expanding its team.
The company added that over 10,000 merchants uses its platform today with its transaction payment volume growing by over 8x in 2021.
HitPay’s wide range of payment solutions — including local and cross-border payment acceptance and payouts, an online store platform, POS software with card readers, plugins, and payment links — aims help resource-strapped SMEs scale with ease.
The platform is now available in Singapore, Malaysia, Hong Kong, Australia, New Zealand, Canada, the US, the UK, Europe, and the UAE — and is poised to serve new markets in Southeast Asia in the coming months.
“We are thrilled to have the backing of incredible investors in our mission to empower SMEs with easy, accessible digital payments. SMEs are still underserved, with limited resources and poor access to affordable payment services.
With our Series A funding, HitPay can continue to support the unique needs of our merchants, and build the best payment gateway for small businesses.”
said Aditya Haripurkar, CEO and Co-founder, HitPay.
