KPay has raised $55 million in Series A funding that will be put toward expansion in key Asian economies. The fintech company says this marks the largest Series A funding raise for the worldwide payments sector in 2024.
Apis Growth Markets Fund III and Apis Global Growth Fund III led the round. Both are managed by London-based Apis Partners, which focuses on supporting growth-stage financial services and financial infrastructure businesses.
KPay serves more than 45,000 merchants, providing them with technology to simplify collecting payments, managing payouts and streamlining other operations to enable growth. The company has operations in Singapore, Hong Kong and Japan. The new capital is expected to fuel KPay’s organic growth as well as mergers and acquisitions so the company can develop its presence in markets such as Indonesia and the Philippines, according to a news release.
“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 1 million merchants over the next five years,” KPay Co-founder and CEO Davis Chan said in the statement.
