Generally, the best solution to discover an ideal concept for a startup is to look past the present drawback you’re fixing on your clients.
That’s precisely what labored for the founders of KPay. Davis Chan and his co-founders beforehand helped small and medium-sized retailers optimize their income and visitors in Asia, however they ultimately observed how inefficient managing funds and funds was for his or her clients.
Conventional monetary options for retailers and SMBs don’t successfully cater to the fashionable wants for enterprise agility, integration, and data-informed decision-making, Chan stated. “This fragmented method ends in inefficiencies, increased prices, and a scarcity of actionable enterprise insights.”
That perception led them to begin KPay, a one-stop monetary administration platform for retailers and SMBs. The corporate has seen respectable traction within the three years since its inception: It now serves 45,000 retailers in Hong Kong, Singapore, and Japan, and companions with greater than 150 SaaS suppliers, banks, and monetary service companies. The corporate says it goals to extend its partnerships to serve extra companies in Asia.
“We’re investing in fee applied sciences that provide larger flexibility, pace, and safety to retailers to just accept all main funds, supporting payroll, invoice settlement, and each native and world remittance as a unified monetary administration platform,” Chan advised Fintech.
Traders definitely appear to have observed the chance right here: KPay just lately secured $55 million in a Sequence A spherical led by London-based funding agency Apis Companions.
The recent money from the Sequence A will likely be put towards product improvement, in addition to enhancing its go-to-market pace, bettering buyer expertise via natural progress, and increasing into new Asian markets and supporting inorganic progress methods reminiscent of strategic mergers and acquisitions, Christopher Yu, CFO of KPay, advised Fintech. As well as, the startup is exploring how AI will enhance the service provider expertise, enhance operational effectivity, and enhance revenues.
Yu didn’t present particular particulars about KPay’s income and profitability however stated its income had achieved a compound annual progress price of 166% since its inception.
“Trying forward, our purpose is to allow 1 million retailers throughout the subsequent 5 years, creating an inclusive digital economic system the place neighborhood companies have the identical alternatives as main manufacturers,” Chan stated.
The corporate has about 440 workers throughout its bases in Hong Kong and Singapore.
