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Turochas “T” Fuad
Pace Enterprise, a buy-now-pay-later (BNPL) startup founded by Spacemob founder Turochas “T” Fuad, has bagged US$40 million in its Series A investment round.
The Series A investors include UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (Taiwan), and a series of family offices from Japan and Indonesia.
Existing investors Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures also joined.
Pace will use the funds to expand its technology, operations, and business development to hit a gross merchandise value run rate of US$1 billion in 2022 and grow its user base by 25x over the next 12 months.
Also Read: Debunking BNPL myths: Is it going to be the primary mode of payment?
CEO Fuad said: “…the region [Southeast Asia] is expected to become the world’s fastest-growing BNPL market. This funding supports Pace in achieving its mission of democratising financial services for all by helping us pave our expansion into Japan, Korea, and Taiwan.”
Joon Oh, executive Director, Atinum Partners, commented: “The financial services industry in Asia is shifting dynamically, but Pace has managed to establish primacy in markets by tapping into local consumer curves to establish itself as a dominant player with its clear vision. Through this funding, we hope for Pace to continue empowering more people across Asia with innovative fintech services.”
Launched in 2021, Pace offers BNPL solution for offline and online merchants to match customers with appropriate spend limits. It currently allows consumers to split their purchase bills into three equal interest-free payments over 60 days.
The startup currently operates in Singapore, Malaysia, Hong Kong, and Thailand.
As per a press statement, Pace has more than 3,000 points of sale across the region. It has grown its overseas operations by working closely with regulators and adapting ultra-local approaches, such as integrating frequently-used in-market payment methods to build resonance with merchants and shoppers. It will continue to replicate a hyperlocal framework as it goes live in new countries.
In June, Pace received an ‘eight-figure USD’ debt financing round led by Genesis Alternative Ventures. In addition, it also announced an exclusive regional partnership with luxury goods and retail specialist Valiram.
This debt round was preceded by a “seven-figure seed funding” round co-led by Vertex Ventures and Alpha JWC at the time of its official launch in January.
A well-known face in Southeast Asia’s startup ecosystem, Fuad has previously launched and sold three startups. His first startup was WUF Networks, an Internet of things software company based out of Silicon Valley. The company was acquired by Yahoo! in 2005.
Fuad was also CEO and founder of travelmob, an online marketplace for vacation rentals. Headquartered in Singapore, travelmob was acquired by HomeAway (now part of Expedia) in mid-2013.
Also Read: Buy now, pay later: The changing face of finance for a mobile generation
In 2016, the serial entrepreneur established and ran Spacemob. He was appointed as Managing Director of WeWork Southeast Asia and Korea after the Spacemob acquisition.
In between his startups, Fuad was Managing Director for Skype Asia Pacific, responsible for its business expansion across Japan, China, Australia, Taiwan, Korea, India and Southeast Asia.
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