Apis Partners Group (UK) Limited, a private equity firm investing in tech-enabled businesses in financial infrastructure and services, has on Thursday announced an investment of $50 million in BIPO, a Singapore-based payroll payment processing and embedded workforce finance platform.

The duo said in a statement that Apis will support BIPO in pursuing merge and acquisition (M&A) globally, drawing on the firm’s established track record of leading scaled, cross-border M&A across its portfolio companies.

BIPO will continue its investment in artificial intelligence (AI), deepening the integration of agentic workflows across its implementation and service delivery, advancing its ambition to become Asia’s AI-embedded payroll and HR platform serving global clients while preserving the human oversight critical to compliant payroll execution.

Finally, Apis will partner with the team at BIPO to deepen its financial services product suite, including Treasury and FX capabilities, amongst others.

The transaction also reflects Apis’ strategy of partnering closely with management teams to drive strategic priorities delivering measurable, durable growth and will support BIPO’s next phase of expansion across international markets, particularly in emerging and high-growth economies where compliant payroll and workforce infrastructure are critical to scaling operations.

The investment marks the ninth from Apis Growth Fund III1, which recently held its final close at $1.23 billion.

BIPO processes nearly $2 billion in payroll payments annually across more than 170 countries and regions, positioning the company at the intersection of global employment and compliant cross-border payments infrastructure.

Founded more than 15 years ago and headquartered in Singapore, BIPO claimed itslef a market leader in Asia providing an integrated suite of Human Resource Management System (HRMS), Global Payroll Outsourcing (GPO), Employer of Record (EOR) and workforce analytics.

The platform operates across over 50 offices globally, supports more than 5,600 SME and enterprise clients, and processes payroll across 170+ countries and regions through 26 proprietary in-house payroll engines.

“We are partnering with Apis at a pivotal moment for BIPO. Their deep expertise in financial services and strong track record in cross-border M&A position us to accelerate our global expansion with greater speed and discipline,” said Michael Chen, Founder and Chief Executive Officer, BIPO.

According to him, this investment allows the firm to scale across key growth markets, strengthen our platform, and deepen its capabilities in AI, automation and embedded financial services.

“We see a clear opportunity to evolve into a core piece of global employment and financial infrastructure supporting the distributed workforce,

“Together with Apis, we are focused on building the next phase of BIPO, a truly global, AI-embedded platform enabling companies and talent to operate seamlessly across borders,” he added.

Matteo Stefanel, Co-Founder and Managing Partner, Apis Partners, said payroll and workforce management sit at the core of how companies operate across borders and are among the most mission-critical elements of the global financial system, requiring deep regulatory understanding, precision and consistent execution.

According to him, BIPO has built an exceptionally strong platform across Asia, combining deep regulatory connectivity, operational scale and trusted delivery in markets where accuracy and compliance are non-negotiable.

“This investment reflects Apis’ continued expansion across the broader financial infrastructure ecosystem, including adjacent areas such as embedded finance and payments, where we see long-term structural growth,” he added.

Udayan Goyal, Co-Founder and Managing Partner, Apis Partners, said BIPO is a founder-led business that has spent well over a decade building the infrastructure, credibility and regional presence required to operate payroll and HR services at scale across Asia.

According to him, BIPO currently supports around 700,000 employees globally, processes close to $2 billion in salaries, and serves close to 6,000 corporate clients – delivering compliant, transparent payroll that brings more workers into the formal financial system and expands access to financial services.

“At Apis, we focus on backing platforms that form part of the underlying financial infrastructure of the global economy, where technology can drive both commercial outcomes and systemic impact,

“BIPO has already demonstrated strong customer momentum across multiple geographies, and we are excited to support the next phase of its international growth and help build a truly global payroll and HR infrastructure champion,” he added.

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