Fintech Firm Pace Secures $40 Million in Series A Funding

Pace, a Singapore-based fintech solution company that allows customers to 'Buy Now Pay Later' (BNPL), recently announced that it has secured $40 Million in a Series A funding round with participation from UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (China 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. 

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 democratizing financial services for all, by helping us pave our expansion into Japan, Korea, and China Taiwan.''

Following this investment round, Pace is now the fastest growing multi-territory BNPL player from Singapore. The new funding will go towards expanding technology, operations, and business development, to hit a Gross Merchandise Value run rate of USD1 billion in 2022 and grow its user base by 25X over the next 12 months.

To date, Pace has more than 3,000 points-of-sale across the region, driven by Pace's ability to increase overall sales up to 25% by leveraging local customer insights, while driving repeat purchases from Pace's fast-growing base of users. 

Launched in 2021 by Turochas 'T' Fuad, Pace has successfully grown its overseas operations by working closely with regulators and adapting ultra-local approaches, such as integrating frequently used in-market payment methods to build resonance with merchants and shoppers. It will continue to replicate a hyperlocal framework as it goes live in new countries.

Currently, Pace allows consumers to split their purchase bills into three interest-free payments over 60 days, through an omnichannel experience that helps consumers spend sustainably.