SINGAPORE, 16 JUNE 2021 – Pace Enterprise (Pace), Asia Pacific’s fast-growing fintech solutions provider, today announced an exclusive regional partnership with luxury goods and retail specialist, Valiram.
Through this partnership, Valiram’s brands in the region will offer Pace’s Buy Now Pay Later (BNPL) solution to all its customers, allowing them to split their purchases over 3 interest-free installments.
The partnership will extend Pace as an alternative payment option to over 20 international brands represented by Valiram in the region, including popular consumer brands such as Michael Kors, TUMI, Victoria’s Secret, Bath & Body Works, Steve Madden as well as Nike in Thailand and Pedro in Malaysia. The roll out will progressively extend to include more brands. Payment via Pace will be available upon checkout across all points-of-sale, including websites, mobile apps, and over 200 points-of-sale in Singapore, Malaysia, Thailand and Macau.
“We are indeed excited with this partnership which will allow us to extend a new flexible payment option to our customers. Through this partnership, the brands under our group will be able to unlock a new segment of consumers. With Pace’s simple, accessible and transparent interface which gives users control over their budgeting and expenditure, we also hope to empower our customers to practice sustainable spending,” said Mukesh Valiram, Executive Director, Valiram.
Pace’s success is attributed to its ability to boost merchant sales by as much as 25% and increase basket sizes by up to 80% across various industries, including fashion, beauty, and fitness. Its collaboration with banking leaders OCBC and UOB in Singapore has also helped accelerate sales for merchants by creating access to new customer segments.
Pace completes debt financing round
To fuel its rapid growth, Pace has secured an eight-figure debt financing round led by Genesis Alternative Ventures, Southeast Asia’s leading venture lender. The new debt financing facility will be used to grow Pace’s business in the region, where it has already seen a 1,300% growth in users and 200% growth in merchant partners since January this year.
Beyond Valiram, Pace has also secured multiple local and regional merchant partnerships, with brands such as ALDO, Miniso, Swee Lee, OG, Benjamin Barker, and Motherswork. Pace remains committed to strengthening and expanding existing partnerships with OSIM, FJ Benjamin, and Wonderscape group.
“We are very impressed with the incredible growth that Pace is experiencing. As one of the newer entrants, Pace has quickly captured the fintech market in the region. With a powerful vision for financial inclusion across Asia Pacific and a strong, talented founding team—we believe in Pace’s transformational impact,” said Jeremy Loh, Managing Partner, Genesis Alternative Ventures.
“Our aim is to change the way consumers in Asia Pacific shop, and we are proud to be partnering with remarkable brands and institutions to serve a traditionally underserved segment of customers. With over 900 points-of-sale and over 550% growth in gross merchandise value (GMV) since January, we’re encouraged by the exponential growth we’re experiencing,” said Turochas "T" Fuad, Founder and CEO, Pace.
Re-disseminated by The Asian Banker