Singapore-based consumer lending platform developer Pace has secured $40m in a series A round backed by conglomerate Marubeni’s corporate venturing unit, Marubeni Ventures.
Marubeni was joined in the round by UOB Venture Management, the venture capital arm of financial services group United Overseas Bank, as well as Atinum Partners, Alpha JWC, Genesis Alternative Investments and Vertex Ventures Southeast Asia.
Pace has developed an online service that allows consumers to split their purchases into three instalments over a period of 60 days. It claims the round makes it the fastest growing buy now, pay later platform based in Singapore.
The series A proceeds will be used to expand the company’s operations and technology as it aims to grow its user base by a factor of 25 over the next year.
Details of Pace’s previous funding could not be ascertained, but Vertex Ventures Southeast Asia, Alpha JWC and Genesis Alternative Ventures were listed as returning investors.
Photo courtesy of Pace Enterprise (Thailand) Co. Ltd.
