Pace Enterprise (Pace), a Singapore-based FinTech solutions company with “Buy Now Pay Later” (BNPL) platform, announced Wednesday that it has signed an agreement to acquire the assets of Rely, the home-grown FinTech startup that offers BNPL services in the region, for an undisclosed sum.

The acquisition, which enables consumers to use Pace’s alternative payment solutions across a wider network of brands in Singapore and Malaysia, also drives incremental revenue for a range of new merchants, Pace said in a statement.

It also said the Rely team will be working with all existing merchants to transition them to Pace’s merchant platforms.

As part of this acquisition, all Rely employees will take on new roles at Pace aligned to their previous capacities.

Founded by Hizam Ismail, Chief Executive Officer, Mohamed Abbas, Chief Revenue Officer, and Prakash Raja, Chief Technology Officer in 2017, Rely was the first operator to offer BNPL payment solutions in Singapore. The company has since scaled its operations regionally and partnered leading retailers including Qoo10 Singapore, ZALORA, JD Sports and SK Jewellery Group, among other brands. In 2020, the firm secured capital from Polaris, the strategic partnerships arm of Goldbell Financial Services, to finance up to S$100 million in BNPL transactions.

“The addition of Rely marks a key milestone achievement for Pace as we continue to strengthen our presence in Asia. With a shared purpose in democratising financial services across the region, we look forward to delivering more compelling offerings that cater to the financial needs of our customers,” said Turochas “T” Fuad, Pace’s Founder and Chief Executive Officer.

Pace is a multi-territory fintech solutions company from Singapore with a mission to democratize financial services across Asia. It aims to build a banking engine that can operate across countries easily to help merchants create sales efficiencies and provide consumers with an option to spend sustainably. Its BNPL solution for offline and online merchants matches customers with appropriate spend limits and allows them to split their purchases over three interest-free payments. The firm currently operates in Singapore, Malaysia, Hong Kong, Thailand, and Japan.

To date, Pace has over 5,000 points-of-sale across the Asia region and is on track to meet its goal of one million users by the end of 2022. It also aims to have an annualised gross merchandise value (GMV) of $1 billion by end 2022.

“The Rely team has always been driven by the desire to empower consumers to shop in a sustainable and responsible manner. In this next phase with Pace, we are excited to offer our expertise and contribute to Pace’s broader mission of transforming financial services in the region,” said Hizam Ismail, Rely’s Chief Executive Officer.

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