Singapore-based payments platform HitPay, which serves small and medium-sized businesses (SMEs), has raised $15.75m in a Series A funding round led by Tiger Global.

The new capital will be leveraged by HitPay to support the development of its payment gateway for small businesses and enhance support for its SMEs across Southeast Asia and global markets.

Returning investors Global Founders Capital and HOF Capital joined the funding round.

HitPay CEO and co-founder Aditya Haripurkar said: “We are thrilled to have the backing of incredible investors in our mission to empower SMEs with easy, accessible digital payments.

“SMEs are still underserved, with limited resources and poor access to affordable payment services. With our Series A funding, HitPay can continue to support the unique needs of our merchants, and build the best payment gateway for small businesses.”

HitPay, which currently serves over 10,000 merchants, provides a spectrum of payment solutions, including local and cross-border payment acceptance and payouts, an online store platform, POS software with card readers, plugins, and payment links.

According to the firm, it registered an eight-fold increase in transaction payment volume last year.

Currently serving customers in Singapore, Malaysia, Hong Kong, Australia, New Zealand, Canada, the US, the UK, Europe, and the UAE, HitPay plans to expand into new markets in South East Asia over the coming months.

Tiger Global partner Alex Cook said: “HitPay built a comprehensive platform that addresses the varying payment needs of SMEs. With a rapidly growing user base and the continued rollout of new products and features, we are excited to partner with Aditya and the HitPay team in their next phase of growth.”