Singapore-based KPay Group has closed a $55 million Series A funding round, marking the largest Series A in the global payments sector for 2024.
Driving Rapid Growth Across Asia
Since its founding just three years ago, KPay has achieved a staggering 166% revenue CAGR, solidifying its presence in Hong Kong, Singapore, and Japan. The company provides a comprehensive merchant platform, offering solutions for pay-ins, pay-outs, and operational management, serving 45,000 merchants.
Investment to Power Regional Expansion
The funding round, led by Apis Growth Markets Fund III and Apis Global Growth Fund III, will enable KPay to scale operations across Indonesia, the Philippines, Malaysia, Thailand, and other key Asian markets.
The company plans to utilize the capital to:
- Expand its SME merchant base in existing markets
- Broaden its reach to new merchant industry categories and underserved regions
- Drive strategic mergers and acquisitions
CEO’s Vision
Davis Chan, co-founder and CEO of KPay, says:
“This funding allows us to expand into new markets, support a broader range of merchant categories, and move closer to our ambitious goal of empowering one million merchants over the next five years.”
Innovative Ecosystem for Merchants
KPay has cultivated a thriving ecosystem, partnering with over 150 SaaS providers, banks, and financial firms to deliver a one-stop solution for merchants of all sizes.
This milestone not only cements KPay’s position as a leader in the payments industry but also reinforces its mission to serve Asia’s fast-growing SME sector.