Singapore's Pace Enterprise, a Buy Now Pay Later (BNPL) platform-centred company, has acquired the assets of competing fintech startup Rely via a signed agreement for an undisclosed amount.
As per a statement from Pace, the acquisition will allow consumers to use the company’s alternative payment solutions across a wider network of brands and drive incremental revenue for a range of new merchants. This deal will extend to brands and merchants in Singapore and Malaysia.
Additionally, this acquisition will see all of Rely’s employees transferring to the Pace team in new roles aligned their prior roles and working with all existing merchants to transition them to Pace’s merchant platforms.
“The Rely team has always been driven by the desire to empower consumers to shop in a sustainable and responsible manner. In this next phase with Pace, we are excited to offer our expertise and contribute to Pace’s broader mission of transforming financial services in the region.” said Hizam Ismail, Rely’s Chief Executive Officer.
Founded in 2017, Rely was Singapore’s first operator to offer BNPL payment solutions and expanded its operations regionally and partnered leading retailers including Qoo10 Singapore, ZALORA, JD Sports and SK Jewellery Group, among other brands.
“The addition of Rely marks a key milestone achievement for Pace as we continue to strengthen our presence in Asia,” said Turochas “T” Fuad, Pace’s Founder and CEO. “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.”
To date, Pace is on track to meet its goal of one million users and aims to have an annualised gross merchandise value (GMV) of $1 billion by end 2022.