KPay, a financial management and business operations platform, has secured US$55 million in Series A funding.
The round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, managed by Apis Partners LLP, a UK-based global private equity asset management firm.
Funds are used as fuel KPay‘s expansion plans are across major Asian economies, including Indonesia, the Philippines, Malaysia and Thailand.
The company will pursue both organic growth and strategic acquisitions to achieve its goal of supporting one million stores across Asia over the next five years.
KPay has not previously raised venture capital funding and has emphasized its efficient growth model.
Founded more than three years ago, KPay has reported a revenue CAGR of 166%.
We currently serve over 45,000 merchants in Hong Kong, Singapore and Japan, offering a comprehensive suite of financial and operational tools.
KPay has partnered with over 150 SaaS providers, banks, and financial companies and plans to double these partnerships to support its expansion.
Davis Chan, co-founder and CEO of KPay, said:
“We will use this funding to expand our SME merchant base in existing markets, as well as new merchant industry categories, merchants of all sizes, and other underserved markets across Asia. We are excited to expand our reach to merchants active in .
This brings us closer to our ambitious goal of supporting 1 million stores over the next five years. ”
Christopher Yu, President and CFO of KPay, added:
“Securing this funding gives us the financial strength and flexibility to enhance our product innovation, speed to market, customer experience, and operational excellence, all of which our merchants will benefit from with KPay. Our goal is to make using our services simpler, smarter, and more cost-effective.
To do this, we must continue to attract the best partners and world-class talent who share the same ambition to work with us to achieve our company’s vision and mission. ”
Featured image credit: Edited from freepic
