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March 31, 2022

PACE Enterprise buys BNPL service provider Rely

Singapore-based buy now, pay later (BNPL) outfit PACE Enterprise has taken over Rely, its competitor in the home market.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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