Hong Kong-headquartered PayTech startup KPay Merchant Service has raised $10m in a funding round.
Established in late 2020, KPay is a one-stop digital payment and business management solutions platform. It supports micro, small and medium-sized enterprises and has amassed over 12,000 local merchants since its beginnings.
This capital injection will enable the company to bolster its product development efforts and bolster its regional expansion. It plans to enter the Taiwan and Singapore markets later this year.
KPay is also preparing for institutional round financing.
Speaking on the investment, KPay CEO and co-founder Davis Chan said, “KPay officially commenced operations in early 2021, adhering to the mission of empowering MSMEs to drive growth and promote digital transformation. We have established three major business engines, namely, payment with KPay, B2B ecosystem with KConnect, and MSME financing with KFund.
“We are encouraged by the successful completion of this US$10m round of funding. With an experienced and professional team, the company will continue to optimise products and services, expand market coverage, and strive to bring efficient and convenient integrated business solutions to MSMEs in various industries in Hong Kong and other Asia Pacific markets.”
Last year, the company launched its first electronic payment service to provide a one-stop transaction payment solution to merchants. The Smart POS Terminal accepts up to 14 major payment channels, including Visa, Mastercard and UnionPay.
The company is also planning to launch its online payment gateway in the fourth quarter of the year. Merchants will be able to view consolidated data from different payment channels so they can monitor their business performance and identify sales trends.
Alongside the Smart POS Terminal, KPay recently released its KConnect cloud business management tool platform and the KFund financing service product. KConnect is a B2B ecosystem with SaaS tools to support membership management systems, retail systems, accounting and bookkeeping systems, inventory management and more.
KFund, meanwhile, utilises merchants’ transaction data to tailor financing solutions to meet their needs.
Earlier in the year, fellow Hong Kong-based FinTech company Allinfra recently secured $6m in funding.
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