Hong Kong-headquartered financial management firm KPay has secured US$55m in a Series A funding round to support its growth ambitions.
According to the Hong Kong Economic Journal, the funding round is the highest value instance of Series A funding this year. Participants came from across the world, and will be used to back the firm’s expansion plans in the Asia-Pacific region.
The company is active across Hong Kong, Singapore and Japan, and has built up a client-base of over 45,000 merchants. Its services encompass financial management, business operations and digital transformation.
Post-funding, KPay states that it intends to embark on mergers and acquisitions, though the targets of these takeover ambitions are unclear. It also plans to double the number of its current partnerships with financial institutions and software-as-a-service (SaaS) providers.
Notably, the participation of Apis Growth Markets Fund III, a UK-based financial services investment company, underpins a commitment made by KPay to expand in several Asian markets including Indonesia, the Philippines, Malaysia and Thailand.
Davis Chan, Co-Founder and CEO of KPay, wrote on LinkedIn: “A new chapter for the company- KPay Group secures 2024’s largest series A fundraise globally in the payments sector. I want to take a moment to express our appreciation to all partners and merchants who enable us here today.
“And of course our KPayers, which your resilience, innovation, and execution excellence has made KPay the choice for Apis Partners – allowing us to secure a record breaking fundraise. Let’s rise to the challenge and deliver exceptional value to our merchants.
“I am confident that, with our commitment – whether through embracing new technologies, enhancing customer support, or driving operational distinction, we can make the goal of serving one million merchants across Asia a reality.”
The investment demonstrates the potential that many investors seem to see in the Asia Pacific finance, fintech and payments sectors. A number of companies have pursued expansion in the region over the past year or so, including the likes of Visa, Tribe Payments and Nium.
