BigPay Raises $100 Million in Financing Led by SK Group

Bigpay, a digital banking platform, has raised $100 million in financing led by SK Group, the third-largest conglomerate in South Korea.

According to the official press release, the company will use the investment to develop into a challenger bank and also build out more features and upgrades into its platform.

Founded in 2017, BigPay currently operates in both Malaysia and Singapore. Its offering includes a prepaid debit card which can be used to spend anywhere Visa or Mastercard is accepted, local and international money transfers, micro-insurance, bill payments, and a budgeting tool.

“Our mission is to become a leading challenger bank across Southeast Asia. We’ve established ourselves in Malaysia as one of the leading providers of digital banking services, and we want to expand our product sets, along with growing the model to new markets. Thailand is next, but we’ll be launching key products before that - with fully digital personal loans, transactional lending and an offering for mSMEs,” said Salim Dhanani, CEO & Co-Founder of BigPay.