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| Monday, 26 September 2022, 13:20 HKT/SGT | |
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Source: KPay | |
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| Rapidly acquires more than 12,000 MSME customers and actively develops Asia Pacific market |
HONG KONG, Sept 26, 2022 - (ACN Newswire) - Fintech start-up KPay Merchant Service Limited ( KPay ) is pleased to announce that it has completed a US$10 million financing round, with the support of its founders. KPay has developed rapidly since its establishment in Hong Kong at the end of 2020. With its leading technology and comprehensive one-stop digital payment and business management solutions, KPay has effectively catered to the operational needs of micro, small and medium-sized enterprises (MSMEs) and has amassed more than 12,000 local merchants within a short period of time - achieving a lead over its peers in customer acquisition. KPay will use the funds raised to support product development and regional expansion, and is actively preparing for institutional round financing.
 | | With its leading technology and comprehensive one-stop digital payment and business management solutions, KPay has amassed over 12,000 local merchants. The Company is set to develop Singapore and Taiwan markets this year. |
Davis Chan, Chief Executive Officer and Co-founder of KPay, said, "KPay officially commenced operations in early 2021, adhering to the mission of empowering MSMEs to drive growth and promote digital transformation. We have established three major business engines, namely, payment with KPay, B2B ecosystem with KConnect, and MSME financing with KFund. We are encouraged by the successful completion of this US$10 million round of funding. With an experienced and professional team, the Company will continue to optimise products and services, expand market coverage, and strive to bring efficient and convenient integrated business solutions to MSMEs in various industries in Hong Kong and other Asia Pacific markets."
As a financial technology company focused on developing a full range of business solutions, KPay is committed to empowering MSMEs to enhance market competitiveness with its cutting-edge technologies. Currently, KPay's customers span across a wide variety of sectors such as retail, food & beverage, beauty, healthcare, education and professional services. Last year, the Company launched its first KPay electronic payment service to provide a one-stop transaction payment solution to merchants. Its Smart POS Terminal accepts up to 14 major payment channels including Visa, Mastercard and UnionPay, effectively simplifying the cumbersome payment collection and settlement process. The Company is also planning to launch its online payment gateway in the fourth quarter this year. Pairing with the in-house developed mobile application, merchants can view consolidated data from different payment channels. This allows merchants to easily monitor their business performance and identify sales trends.
Following the success of its electronic payment service, KPay launched the KConnect cloud business management tool platform and the KFund financing service product this year to further expand the scope of its services, bringing more innovative features and comprehensive support to MSMEs. KConnect has built a comprehensive B2B ecosystem with SaaS tools from multiple local service providers for merchants to choose from, covering membership management systems, retail systems, accounting and bookkeeping systems, inventory management, etc. Focusing on the daily operational needs of MSMEs, it provides a simple and convenient one-stop management system to help merchants easily address their operational pain points. The solution will provide an integrated data dashboard which allows merchants to view real-time operational data analyzed across multiple 3rd party SaaS tools. KFund, meanwhile, utilises merchants' transaction data to tailor financing solutions to meet their needs.
Riding on the strong growth momentum, KPay established an office and formed a business development team in Singapore in June this year. In its first step to expand in the country, KPay has launched its payment solutions to the market. The number of customers served by the Company's business in Singapore is gradually picking up and the successful business model and growth trajectory of Hong Kong market are expected to be replicated in Singapore. Meanwhile, KPay is at the final stage of preparation for its expansion into the Taiwan market. The Company envisages launching its services in the market in the fourth quarter of this year, thus taking its presence to another market outside of Hong Kong. Looking ahead, KPay will actively explore the Asia Pacific market, further expand its user base and provide comprehensive business support to more SMEs.
About KPay
Established in July 2020 and headquartered in Hong Kong, KPay Merchant Service Limited ( KPay ) is a financial technology (fintech) company focusing on providing integrated business solutions, and offering professional and innovative products to enhance the market competitiveness of micro, small and medium enterprises (MSMEs) in the Asia Pacific region. KPay solutions were launched in early 2021, covering online and offline fintech services including electronic payment platforms and user management products.
With the support of a top-notch technology development team, the Company strives to improve the functionality of various products to cater to the needs of merchants and help them maximise business performance. KPay is abreast of market trends in different regions where its highly experienced sales and after-sales teams provide merchants with a range of business logistics and support, enabling MSMEs from different sectors to better operate by enhancing their ability in digital technology application and allowing KPay to realise its vision of "building a mutually beneficial and synergistic e-finance ecosystem". Visit the company's website at https://kpay-group.com/en-sg/home.
KPay Merchant Service Limited
Katie Lau +852 3706 7836 / 9804 6148 katielau@kpay-group.com
Strategic Financial Relations Limited
Shelly Cheng +852 2864 4857 shelly.cheng@sprg.com.hk
Carol Cheung +852 2114 2200 carol.cheung@sprg.com.hk
Daphne Duan +852 2864 4833 daphne.duan@sprg.com.hk
Topic: Press release summary
Source: KPay
Sectors: Cards & Payments, Daily Finance, Startups, FinTech
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From the Asia Corporate News Network
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