Innovative Fintech startup KPay completes USD 10 million in funding
Quickly acquiring more than 12,000 MSME customers and actively developing the Asia Pacific market
Hong Kong, September 26, 2022 – (ANTARA/ACN Newswire) – Fintech startup KPay Merchant Service Limited ( KPay ) is pleased to announce that it has completed a US$10 million funding round, with the support of its founders. KPay has developed rapidly since its establishment in Hong Kong in late 2020. With its leading technology and comprehensive one-stop digital payment and business management solutions, KPay has effectively met the operational needs of micro, small and medium enterprises (MSMEs) and has gathered more than 12,000 local dealers in a short period of time – gaining an edge over its peers in terms of customer acquisition. KPay will use the funds raised to support product development and regional expansion, and is actively preparing for institutional round financing.
Davis Chan, CEO and co-founder of KPay, said: “KPay officially started operations in early 2021, following the mission of empowering MSMEs to drive growth and drive digital transformation. We have established three major business engines, namely payment with KPay, B2B ecosystem with KConnect and MSME funding with KFund. We are encouraged by the successful completion of this USD 10 million funding round. With an experienced and professional team, the company will continue to optimize products and services, expand market coverage, and strive to bring efficient and practical integrated business solutions to MSMEs in various industries in Hong Kong and other Asia Pacific markets.”
As a financial technology company focused on developing a full range of business solutions, KPay is committed to empowering MSMEs to improve their market competitiveness with its cutting-edge technologies. Currently, KPay’s customers span a wide range of sectors such as retail, food and beverage, beauty, healthcare, education and professional services. Last year, the company launched its first electronic payment service KPay to offer a one-stop transactional payment solution to merchants. Its smart POS terminal accepts up to 14 major payment channels, including Visa, Mastercard and UnionPay, effectively simplifying the cumbersome payment collection and settlement process. The company also plans to launch its online payment gateway in the fourth quarter of this year. Together with the in-house developed mobile application, sellers can see consolidated data from different payment channels. This allows salespeople to easily monitor their company’s performance and identify sales trends.
Following the success of its online payment service, KPay launched the KConnect cloud business management tool platform and the KFund financing service product this year to further expand the scope of its services, bringing more innovative features and comprehensive support to MSMEs. KConnect has built a comprehensive B2B ecosystem of SaaS tools from multiple local service providers for merchants to choose from, covering membership management systems, retail systems, accounting and bookkeeping systems, inventory management, etc. Focusing on the day-to-day operational needs of MSMEs, it provides a simple and convenient one-stop management system to help sellers easily manage their operational pain points. The solution will provide an integrated data dashboard that allows sellers to view real-time operational data analyzed across multiple third-party SaaS tools. KFund, meanwhile, uses sellers’ transaction data to tailor financing solutions to meet their needs.
Due to the strong growth, KPay established an office and formed a business development team in Singapore in June this year. In its first step to expand in the country, KPay has launched its payment solutions to the market. The number of customers served by the company’s operations in Singapore is gradually increasing, and the successful business model and growth trajectory of the Hong Kong market is expected to be replicated in Singapore. Meanwhile, KPay is in the final stages of preparations for its expansion into the Taiwan market. The company envisages launching its services in the market in the fourth quarter of this year, thereby taking its presence to another market outside of Hong Kong. Looking ahead, KPay will actively explore the Asia Pacific market, further expand its user base and provide comprehensive business support to more SMEs.
About KPay
Established in July 2020 and headquartered in Hong Kong, KPay Merchant Service Limited (KPay) is a financial technology (fintech) company focused on providing integrated business solutions, offering professional and innovative products to improve the market competitiveness of micro, small and medium enterprises (MSME) in the Asia-Pacific region. Launched in early 2021, KPay solutions cover online and offline fintech services including electronic payment platforms and user management products.
KPay Merchant Service Limited
Strategic Financial Relations Limited
