Business financial management fintech KPay raises $55m in Series A funding
Hong Kong-based fintech KPay has raised $55 million in what the company claims is the “largest Series A globally in the payments sector in 2024”.
KPay lands $55 million in fresh funding
The fundraise, KPay’s first institutional round, was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, both managed by UK-based venture capital firm Apis Partners.
Founded in 2020, KPay operates a financial management and business operations platform offering a range of services designed to help businesses grow, including business accounts for small and medium-sized enterprises (SMEs), automated reports, POS solutions, cross-border payments capabilities, and more.
KPay, which claims to serve over 45,000 merchants across Hong Kong, Japan, and Singapore, previously raised $10 million in funding in 2022.
The company says its latest investment will be used to drive “organic growth and strategic mergers and acquisitions”, with KPay aiming to expand its presence in “key Asian economies” including Indonesia, Thailand, Malaysia, the Philippines, and more.
Going forward, KPay also plans to double its 150 current partnerships with banking institutions, financial services firms, and Software-as-a-Service (SaaS) providers.
Commenting on the financing, Davis Chan, co-founder and CEO of KPay, says the company will leverage the funds 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,” concludes Chan.
