Pace Enterprises, a Singapore FinTech firm that operates a BNPL platform, has agreed to buy Rely, a competitor Singapore startup that provides similar services, according to a story published Wednesday (March 30). The cost was not disclosed.
Customers in Singapore and Malaysia would be able to use Pace’s alternative payment plans on additional brands as a result of the acquisition. According to Pace, it will also produce incremental revenue for a number of businesses.
Existing merchants will be helped to migrate to Pace’s platforms by the Rely team.
“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 democratizing financial services across the region, we look forward to delivering more compelling offerings that cater to the financial needs of our customers,” said Turochas Fuad, Pace’s founder and CEO.
Rely was the first operator to offer BNPL in Singapore, having launched in 2017. Since then, it has expanded its operations across the country, working with a range of businesses.
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