HitPay team / Photo credit: HitPay
HitPay, a Singapore-based commerce platform for SMEs, has earned a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license lets HitPay offer services like merchant acquisition and money transfers – both domestic and cross-border. They add to the company’s core payment gateway offering, which lets SMEs accept online and offline payments.
Since it was founded in 2016, HitPay has helped over 15,000 businesses across Southeast Asia and worldwide – including Secret Lab, Reebelo, and GetGo – process payments. Its payment gateway can integrate with platforms like WiX and Shopify, and it supports payments via GrabPay, ShopeePay, Atome, Visa, and Mastercard, among others.
While headquartered in Singapore, HitPay is also present in the Philippines, Malaysia, Indonesia, and Thailand. In the Philippines, HitPay holds an OPS license from the Bangko Sentral ng Pilipinas, while its fully-owned Malaysian offshoot Mobiedge E-Commerce is registered as a merchant acquirer at Bank Negara Malaysia.
HitPay is backed by investors including Tiger Global, Global Founders Capital, HOF Capital, and Y Combinator. Most recently, it raised US$15.8 million in series A funding in May 2022.
See also: Vietnam, Philippines attract VCs deterred by pricey Indonesian market
Editing by Putra Muskita and Lorenzo Kyle Subido
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