How HitPay grew to $2.5b in annualized payment volumes with $18m

When some companies raise capital, they make a blitz out of sponsoring Formula One and football teams. Others, without the luxury of deep pockets, just bow their heads and build.

HitPay falls under the latter. Following a slow start, the Singapore-based fintech firm, which helps businesses accept digital payments, saw growth take off in 2020 following a product revamp, a fundraise, and a post-pandemic surge in its industry.

HitPay CEO Aditya Haripurkar (left) and CTO Nitin Muthyala / Photo credit: HitPay

Payments processing is a notoriously competitive space, home to deep-pocketed giants like Stripe, Adyen, and Revolut. Even younger players like Airwallex have raised over US$1.5 billion in funding. In contrast, HitPay has raised US$18 million to date.

These firms all offer cross-border transfers, payments, and forex services, some more comprehensively than others.

HitPay, whose clients include Carousell and GetGo, says its differentiation is in the number of local payment methods it offers – over 40 in Asia Pacific. It’s a moat that’s “not easy to build overnight,” Aditya Haripurkar, co-founder and CEO, tells Tech in Asia.

“If you line up 100 SMEs, you know that 99 of them have a different way of collecting payments. So what that means for your platform is that you need to be providing as many tools as possible,” he says.

Merchants can use HitPay to accept payments via card, e-wallets, bank apps, and QR codes for ecommerce and in-person transactions. Payment options provided by its platform include GrabPay, ShopeePay, Alipay, Atome, and Kredivo.

As of December 2025, HitPay was processesing over US$2.5 billion in annualized payment volumes, a forward-looking metric derived by annualizing the performance of a particular month.

According to the firm, its total payment volumes have grown 96x between 2020 and 2025. Revenue during the same period had a compound annual growth rate of 131%.

HitPay captures just a sliver of the payments pie in Southeast Asia. What it’s processing in payments volumes is nowhere near what larger rivals are doing – in comparison, Airwallex processed US$266 billion in transaction volume last year.

See also: Inside 2C2P’s $15m SME play and renewed SEA push

Still, HitPay offers a case study of what a sustainable business in the space could look like.

Cross-border transactions, both in payments acceptance and payouts, is a small but fast-growing business for the company. Launched in June 2025, this feature has scaled to processing US$50 million per month in under eight months.

Humble beginnings

Doing more with less

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