KPay Group has raised USD 55 million in a record Series A funding round led by Apis Partners to bolster its expansion plans and support one million merchants across Asia over the next five years.

Information on the Target

KPay Group (KPay) is a prominent fintech company that provides a comprehensive financial management and business operations platform for merchants. Established just over three years ago, KPay has successfully served over 45,000 merchants across Hong Kong, Singapore, and Japan, reaping a remarkable 166% compound annual growth rate (CAGR) in revenue. The company has engineered a unified solution designed to facilitate the financial, operational, and digital advancements required by businesses of various sizes. KPay aims to expand its reach and support one million merchants in Asia over the next five years with the help of recent funding.

The recent capital infusion of USD 55 million signifies KPay's strategic vision and market leadership in the financial services sector. This funding was primarily provided by Apis Growth Markets Fund III and Apis Global Growth Fund III, positioning KPay as a key player with the potential to transform business operations for small and medium-sized enterprises (SMEs) across Asia.

Industry Overview in Asia

The fintech industry in Asia is at a pivotal moment, characterized by fluctuating venture capital activity. In the first half of 2024, overall fintech funding has reached a six-year low, highlighting the challenges faced by startups in