Singapore’s KPay Group has completed its first institutional funding round, raising a record US$55 million, the largest Series A globally in the payments sector in 2024.
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Founded just over three years ago, KPay has achieved 166% revenue CAGR during this period, operating across Hong Kong, Singapore and Japan.
The company has built a one-stop shop for merchants of all sizes, ecompassing pay-ins, pay-outs and operational management tools.
It now serves 45,000 merchants, and partners with more than 150 SaaS providers, banks, and financial service firms.
The investment round, led by Apis Growth Markets Fund III and Apis Global Growth Fund III, includes a commitment by KPay to expand its presence across key Asian economies, including Indonesia, the Philippines, Malaysia, Thailand, and more.
KPay says it will leverage the capital to drive both organic growth and strategic mergers and acquisitions.
Davis Chan, co-founder and CEO of KPay, says: “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. This will bring us closer to our ambitious goal of supporting one million merchants over the next five years”
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