Financial management platform KPay has raised $55m for its Series A funding round.
This is reportedly the largest series A funding round globally in the payments sector for 2024, the Hong Kong-headquartered financial management and business operations platform said in an announcement on 2 December.
KPay plans to use the funds for its expansion plans across emerging markets in Asia. KPay is also looking to embark on mergers and acquisitions, and plans to double the number of its current partnerships with financial institutions and SaaS providers.
Apis Growth Markets Fund III and Apis Global Growth Fund led the investment round.
The investment from Apis Partners includes a commitment by KPay to expand its presence across Asian economies, including Indonesia, the Philippines, Malaysia, Thailand, and more.
UK-based Apis Partners is an ESG and Impact global private equity asset manager which manages or advises on total assets under management of $2.3b.
Founded in 2020, KPay has achieved a 166% revenue CAGR during this period, operating across Hong Kong, Singapore and Japan.
Its one-stop solution facilitates the financial, operational and digital transformation for merchants of all sizes.
KPay serves over 45,000 merchants in the region, and has partnerships with over 150 SaaS providers, banking institutions, and financial services firms.