Singapore-based Pace, a fintech solutions firm, has acquired assets of its homegrown buy now, pay later peer Rely. The deal’s financial details were not disclosed.
All Rely employees will reportedly move to new positions at Pace that are in line with their previous duties. Existing merchants will likewise transition to the latter’s platform.
Photo Credit: Rely
The deal will extend the reach of Pace’s services to more brands and merchants in Singapore and Malaysia.
Founded in 2017 by Hizam Ismail, Mohamed Abbas, and Prakash Raja, Rely was the first BNPL player in Singapore. Its partners include companies such as Zalora, JD Sports, and SK Jewellery Group.
Meanwhile, Pace currently has 5,000 points of sale across Singapore, Malaysia, Hong Kong, Thailand, and Japan. It looks to have 1 million users and US$1 billion in annualized gross merchandise value by the end of the year.
“In this next phase with Pace, we are excited to offer our expertise and contribute to Pace’s broader mission of transforming financial services in the region,” said Ismail, CEO at Rely.
See also: BNPL sours in Australia, but will SEA players buck the trend?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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