Investors that joined the round include UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (Taiwan), and a series of family offices from Japan and Indonesia. Previous investors, Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures also participated.
Pace officials said that as region is expected to become the world's fastest-growing BNPL market, the funding supports Pace in achieving its mission of democratising financial services allows them to further expand into Japan, Korea, and Taiwan.
The new funding will go towards expanding technology, operations, and business development, to hit a Gross Merchandise Value run rate of USD 1 billion in 2022 and grow its user base by 25X over the next 12 months, the press release explains.
Currently, Pace allows consumers to split their purchase bills into three equal interest-free payments over 60 days, through an omnichannel experience that helps consumers spend sustainably.
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