PACE Enterprise (Pace), a Singapore-based fintech solution company that allows customers to ‘Buy Now Pay Later’ (BNPL),has acquired the assets of competitor BNPL startup Rely.
The purchase price of the acquisition was not disclosed.
Pace, founded in early 2021, has raised USD40 million Series A investment round in November of the same year from a pan-Asian group of investors from Singapore, Japan, Korea, China Taiwan and Indonesia.
As part of the acquisition, all Rely employees will take on new roles at Pace aligned to their previous capacities. The Rely team will also be working with all existing merchants to transition them to Pace’s merchant platforms.
Founded by Hizam Ismail, chief executive officer, Mohamed Abbas, chief revenue officer, and Prakash Raja, chief technology officer in 2017, Rely was the first operator to offer BNPL payment solutions in Singapore. The company has since scaled its operations regionally and partnered with leading retailers.
In 2020, the firm secured capital from Polaris, the strategic partnerships arm of Goldbell Financial Services, to finance up to S$100 million in BNPL transactions.
The acquisition enables Pace to strengthn presence in Asia, says Turochas “T” Fuad. (Image credit: Pace)
“The addition of Rely marks a key milestone achievement for Pace as we continue to strengthen our presence in Asia,” said Turochas “T” Fuad, Pace’s founder and CEO of the acquisition.
“With a shared purpose in democratising financial services across the region, we look forward to delivering more compelling offerings that cater to the financial needs of our customers,”
Added Hizam Ismail, Rely’s chief executive officer: “The Rely team has always been driven by the desire to empower consumers to shop in a sustainable and responsible manner. 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.”
To date, Pace has over 5,000 points-of-sale across the Asia region and is on track to meet its goal of 1 million users by the end of 2022. Pace also aims to have an annualised GMV of USD$1 billion by end 2022.
