Singapore fintech startup Rely secures finance facility of up to $75m

Singapore-based startup Rely announced that it has secured a finance facility from Polaris, the strategic partnerships arm of Goldbell Financial Services, to process transactions up to S$100 million (US$74.8 million). The fintech firm will also expand its “buy now pay later” (BNPL) service to new merchants in the country.

Photo credit: Rely

Founded in 2017, Rely provides a BNPL service that lets shoppers pay for their purchases via three to four equal installments, interest-free. It has partnered with online and offline retailers across the fashion, beauty, lifestyle, and fitness industries, among others.

Rely aims to use the capital facility to scale its operations and forge partnerships with major retailers in Singapore, Malaysia, and South Korea.

Additionally, the company has also teamed up with real estate and investment firm Lendlease to launch a new service within Lendlease’s Plus app to provide BNPL options for shoppers at participating outlets in the 313@somerset mall.

This tie-up is an effort to push customers towards physical retail stores after coronavirus-induced business closures in Singapore recently reached hit a 10-month high.

Rely said the funding will help major commercial merchants with high transaction volumes and a high-demand sales flow, particularly with the upcoming holiday season.

See also: Hoolah is tapping into a growing millennial demand to ‘buy now, pay later’ in Asia

The company competes with BNPL providers such as Hoolah, Atome, and OctiFi in Singapore.

Earlier in March, Hoolah raised an “eight-figure” sum in its series A funding round, which was led by investment firm Allectus Capital.