Turochas Fuad’s BNPL Company Pace to Shutter Operations

Turochas Fuad’s BNPL Company Pace to Shutter Operations

by November 8, 2023

Singapore’s Buy Now Pay Later (BNPL) company Pace had filed for a voluntary winding up in August citing liabilities as its reason, according to a report by The Business Times. The company’s website shows no indication of its plans to shutter.

Pace had launched amid much fanfare as it was founded by Turochas “T” Fuad, who was the Managing Director at WeWork. He had also previously founded Spacemob and HomeAway Asia, previously known as travelmob.

The BNPL firm even managed to snag a 7-figure seed round that was undisclosed as well as a US$40 million Series A funding round in November 2021.

Pace was backed by Temasek’s subsidiary Vertex Ventures Southeast Asia, Alpha JWC, Genesis Alternative Ventures, Singapore’s UOB Venture Management, Japan’s Marubeni Ventures, South Korea’s Atinum Partners, Taiwan’s AppWorks, and a series of family offices from Japan and Indonesia.