Singapore’s KPay Group has successfully completed its first institutional funding round, raising a remarkable US$55 million, marking the largest Series A in the payments sector globally for 2024.
Founded just over three years ago, KPay has demonstrated impressive growth with a 166% revenue CAGR during this period, operating across Hong Kong, Singapore, and Japan. The company has created an all-in-one solution for merchants of all sizes, offering pay-ins, pay-outs, and operational management tools.
Currently, KPay serves 45,000 merchants and collaborates with over 150 SaaS providers, banks, and financial services firms. The investment round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, with plans for KPay to expand its footprint across key Asian economies, including Indonesia, the Philippines, Malaysia, and Thailand.
The company intends to utilize the funds for both organic growth and strategic mergers and acquisitions. Davis Chan, co-founder and CEO of KPay, expressed enthusiasm about the funding, stating, “We are excited to use this funding to not only expand our existing markets’ SME merchant base, but also broaden our reach into new merchant industry categories, merchants of all sizes, and merchants operating in other underserved markets across Asia. This will bring us closer to our ambitious goal of supporting one million merchants over the next five years.”