Singapore-based Pace Enterprise, a fintech firm that offers buy now, pay later services, has partnered with Zalora, a fashion and lifestyle platform.
Photo credit: Zalora/Pace
The partnership enables Zalora to deploy Pace’s payment infrastructure at checkout. The facility is already accessible on Zalora’s web platform and mobile webpage, and it will come to the ecommerce firm’s mobile app later this year.
Pace is currently available to Zalora customers in Singapore and Malaysia. Early trends show the partnership has helped increase average spend by 30% in the two markets, according to Pace.
The fintech firm added that nearly 20% of Pace transactions are being made by new Zalora customers.
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Pace also said that the company is on track to achieve its target of acquiring 1 million users by the end of 2022. It is also eyeing an annualized gross merchandise value of US$1 billion in the same period.
Established in 2020, Pace currently operates in Singapore, Malaysia, Hong Kong, Thailand, and Japan. In November 2021, it raised US$40 million in series A funding from Vertex Ventures Southeast Asia, Alpha JWC Ventures, and other investors.
Meanwhile, Zalora has a presence in Singapore, Indonesia, Malaysia, Brunei, Hong Kong, Taiwan, and the Philippines. Founded in 2012 and part of the Global Fashion Group, the ecommerce firm offers a wide range of local and international brands across apparel, accessories, beauty, and other categories.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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