KPay Group, a leading financial management and business operations platform, today celebrated a significant milestone in the FinTech sector.
The company announced a substantial $55m in Series A funding, setting a record for the largest such round globally in the payments sector for 2024.
This substantial financial injection was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, both managed by UK-based Apis Partners. As a private equity asset manager, Apis Partners focuses on ESG and Impact, managing assets totaling $2.3bn. This investment is a strong endorsement of KPay’s strategic direction, market dominance, and ambitious growth plans, particularly across Emerging Asia.
KPay has distinguished itself with a remarkable 166% revenue CAGR over the past three years, currently operating across Hong Kong, Singapore, and Japan. The platform serves over 45,000 merchants and partners with more than 150 SaaS providers, banking institutions, and financial services firms. This network is set to expand as KPay plans to double its partnerships, supporting broader financial and digital transformation for businesses across the region.
The new funds will be strategically utilized to further penetrate KPay’s existing markets, particularly targeting SME merchants. Additionally, KPay aims to diversify into new merchant industry categories and regions, especially underserved markets in Asia. This aligns with KPay’s goal of supporting one million merchants over the next five years.
Other strategic moves include a focus on organic growth and pursuing strategic mergers and acquisitions to bolster its presence in key Asian economies such as Indonesia, the Philippines, Malaysia, and Thailand.
KPay Co-founder and CEO, Davis Chan, expressed his pride in reaching this funding milestone, stating, “I am incredibly proud of this financial milestone our team has achieved. 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.”
Christopher Yu, President and CFO of KPay, added, “Securing this funding gives us financial strength and flexibility to enhance our product innovation, go-to-market speed, customer experience, and operational excellence. All of this is with our merchants in mind, in making it even simpler, smarter, and more cost-effective for them when using KPay’s services. To do this, we need to continue to attract the best partners and global talent to join us, who share the same ambition to work alongside us to achieve the company’s vision and mission.”
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