Singapore-based buy now, pay later (BNPL) outfit PACE Enterprise has taken over Rely, its competitor in the home market.
The deal value was not made public by the companies.
Founded in 2017, Rely is a fintech startup that provides BNPL payment solutions for customers in Singapore.
Rely, which was set up by Hizam Ismail, Mohamed Abbas, and Prakash Raja, is said to be the first BNPL startup in the country to provide interest-free installments on purchases for customers.
Qoo10 Singapore, Zalora, and JD Sports are the retailers that partnered with Rely.
The Rely team will also work with all existing merchants for helping them migrate to the merchant platforms of Pace.
Pace will provide new roles to Rely employees aligned to their earlier positions.
Supported by Singapore-based family office Octava and Chua Chuan Leong Ventures, Rely’s valuation was $2.2m in 2019, reported Business Times citing data platform VentureCap Insights.
The company received infusion from Goldbell Financial Services’ unit Polaris in 2020 to fund up to $73.8m (S$100m) in BNPL transactions.
Pace founder and CEO Turochas “T” Fuad said: “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.”
Last year in November, Pace raised $40m in a Series A financing round.