Singapore-Hong Kong dual headquartered fintech KPay has raised US$55 million ($74.03 million) in its series A funding round, led by Apis Growth Markets Fund III and Apis Global Growth Fund III.
This funding round is one of the largest series A globally in the payments sector this year, based on data from Dealroom in November.
KPay, which was just founded over three years ago in Hong Kong, now has a presence in Singapore and Japan. It facilitates the financial, operational and digital transformation for merchants of “all sizes”, and has partnerships with over 150 software-as-a-service companies, banking institutions and financial services.
The Apis Growth Markets Fund III and Apis Global Growth Fund III are under Apis Partners, which is a UK-based global private equity asset manager.
The funding round will accelerate KPay’s existing trajectory, and allow for its “aggressive expansion plans” across Asia.
“This will bring us closer to our ambitious goal of supporting one million merchants over the next five years,” says Davis Chan, co-founder and CEO of KPay. “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.”