Payment gateway HitPay raises USD 15.75 million in series A

HitPay’s Series A funding will be used for building a payments infrastructure from the ground up, with the intention of saving SMEs money and helping them expand their business. This will include business tools and payments infrastructure (including all commonly used payment rails in each market, including bank transfers, cards, e-wallets and BNPL services.)

The first step HitPay will take as it expands into new countries is to get regulated in each market it operates in, to allow it to build payment infrastructure for SMEs from the ground up, TechCrunch explains. Then it will integrate the most popular payment methods. For example, in Singapore, HitPay currently works with about 10 to 15 payment methods.

Company officials told TechCrunch HitPay started in 2016 as an e-wallet but then pivoted toward being an SME-facing platform in 2018 as a virtual POS product. As its team began to understand the needs of SMEs more, it started to develop the other tools on the platform.

The service is currently used by over 10,000 merchants in Singapore and Malaysia, with plans to expand into more Southeast Asian markets, including Thailand, Indonesia and the Philippines.