Singapore: Turochas “T” Fuad, a veteran entrepreneur and founder of co-working space provider Spacemob (acquired by WeWork in 2017), has launched a new venture in the fast-growing buy-now-pay-later (BNPL) space.
Named ‘Pace Enterprise’, the fintech startup aims to bring in financial access and inclusion by facilitating extended buying limits to underserved segments in the Asia Pacific region.
Headquartered in Singapore, Pace is also available in Malaysia, Thailand, and Hong Kong.
Additionally, the BNPL startup has raised a “high seven-figure seed round” co-led by Vertex Ventures and Alpha JWC.
The capital will be used to further develop its platform and offer progressive services and solutions to consumers and merchants.
Using a bespoke financial profiling algorithm, Pace matches customers with appropriate spending limits that allow them to split their purchases over three interest-free installments.
As the adoption of its BNPL solution grows, Pace plans to leverage those insights and unique buying patterns to offer the right fintech solutions to a developing digital banking ecosystem.
“The reason we launched Pace — and our long-term goal — is to create a broader and more inclusive digital fintech platform that empowers underserved populations. To achieve this, BNPL is the right first step that flexibly and seamlessly extends customers’ buying limits while giving merchants access to financing alternatives and entirely new customer segments,” said Founder and CEO Fuad.