KPay raised $55 M Series A funding from Apis Growth Markets Fund III & Apis Global Growth Fund III
KPay Group (KPay), a one-stop platform for financial management and business operations with its headquarters in Hong Kong, announced on Tuesday that it had completed its first institutional funding round, raising a record $55 million, the largest Series A in the payments industry globally in 2024.
KPay said in a statement that this historic investment, which was spearheaded by Apis Growth Markets Fund III and Apis Global Growth Fund III (both of which Apis Partners LLP manages the portfolio for), validated the company’s strategic vision, market leadership, and ambitious growth trajectory.
Apis Partners, a global private equity asset manager with headquarters in the UK, is impact-native and ESG. It oversees or provides advice on $2.3 billion in total assets under management. KPay’s current trajectory will be accelerated by this investment, which will also serve as the foundation for its ambitious plans to expand throughout Emerging Asia.
KPay’s historic Series A is a testament to the company’s execution excellence and future prospects, as fintech funding in Asia Pacific fell to a six-year low in H1 2024.
The successful funding also shows how eager investors are to support businesses like KPay that can expand throughout Asia on a capital-efficient basis and have a proven strategy.
Notably, the business has not yet raised venture capital funding to support growth until this Series A round.
KPay has committed to growing its footprint in important Asian economies, such as Indonesia, the Philippines, Malaysia, Thailand, and more, as part of Apis Partners’ investment.
KPay will use the funds to support strategic mergers and acquisitions as well as organic growth. Apis and KPay’s shared goal of bringing about significant change is closely aligned with this partnership. It recognizes the vital role of SMEs, which make up 55.8% of all jobs in Asia, and that assisting SME growth promotes regional economies and wider economic development.
Since its founding just over three years ago, KPay, which operates in Hong Kong, Singapore, and Japan, has achieved an impressive revenue CAGR of 166 percent.
The company, which currently serves over 45,000 merchants in the area, has developed a one-stop solution to help merchants of all sizes with their financial, operational, and digital transformation.
In order to help even more businesses throughout Asia with their financial and digital transformation journeys, KPay intends to double its partnerships with the more than 150 SaaS providers, banks, and financial services companies it currently partners with through its open-architecture ecosystem.
Davis Chan, Co-founder and CEO of KPay, said, “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.”
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.”
