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Aditya Hadi Pratama · · 1 min readEx-WeWork exec’s BNPL firm bags $40m in series A round
Singapore buy now, pay later (BNPL) firm Pace raised US$40 million in its latest funding round.
More funding details
- Existing investor: Vertex Ventures Southeast Asia, Alpha JWC Ventures, and Genesis Alternative Ventures
- Other investors: UOB Venture Management, Marubeni Ventures, Atinum Partners, and AppWorks
- Stage: Series A
More company updates
- The company was launched by Turochas Fuad, who is the founder of co-working space startup Spacemob and the former managing director of Southeast Asia and Korea for WeWork.
- Pace currently operates in Singapore, Malaysia, Hong Kong, and Thailand, with more than 3,000 points of sale. The new investors in this round that come from Japan, South Korea, and Taiwan, can also help pave the firm’s expansion in these countries.
- Pace wants to use the fresh funds to scale its technology, operations, and sales teams, hit a target of US$1 billion in gross merchandise value run rate, and grow its user base by 25x by next year.
- In a statement, the firm claimed that it is now the fastest-growing multiterritory BNPL player from Singapore.
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In January, Pace bagged a “high seven-figure” fundraise from Vertex Ventures and Alpha JWC Ventures.
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Collin Furtado and Jaclyn Tiu
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