FinTech startup Pace Enterprise announced its launch today with a “buy now, pay later” solution, headed by veteran entrepreneur Turochas “T” Fuad, previously of Spacemob and Travelmob.
Headquartered in Singapore, the company raised a “high seven-figure” seed round co-led by Vertex Ventures, a Temasek subsidiary, and Indonesia’s Alpha JWC.
Fuad was last at WeWork, where he served as managing director of Southeast Asia and Korea for close to three years before departing last June.
He had joined WeWork after Spacemob, the Singapore-based co-working startup he founded, was acquired in 2017 for an undisclosed sum.
Pace joins a growing number of FinTech companies offering “buy now, pay later” services here, such as Atome, Hoolah and Rely.
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Through such services, users can split the cost of a single purchase over three or four interest-free instalments. With spending limits calculated by an algorithm, Pace allows its users to make payments over three instalments.
In a press release, the company says it has signed on over 200 merchant partners since rolling out its service last November. Notable brands include Goldheart, OSIM, Sincere Watch, Carousell, Reebonz and FJ Benjamin, says the company.
In addition, Pace says it has signed an exclusive partnership with digital marketplace Carousell, enabling select Carousell merchants to offer Pace’s payment option to their customers.
“The reason we launched Pace — and our long-term goal — is to create a broader and more inclusive digital FinTech platform that empowers underserved populations,” says Fuad, founder and CEO at Pace.
“To achieve this, ‘buy now, pay later’ is the right first step that flexibly and seamlessly extends customers’ buying limits while giving merchants access to financing alternatives and entirely new customer segments,” he adds in a press release.
“Vertex Ventures SEA was an early investor in Spacemob. We have been impressed with T at Spacemob and are happy to back him again in this new venture,” says Kee Lock Chua, Managing Partner, Vertex Ventures SEA & India.
Outside of Singapore, Pace is also available to users in Malaysia, Thailand and Hong Kong. The company aims to reach 5,000 merchant partners by the end of 2021 through its expansion into North Asia and the rest of Southeast Asia.
