HitPay, a payments platform for small- to medium-sized businesses (SMBs), announced Tuesday (May 31) that it had raised $15.7 million in a Series A funding round.
The Singapore-based company said it will use the money to continue building its payments infrastructure platform, which includes support for local and international payment methods and integrations with accounting and eCommerce platforms.
The round funding was led by Tiger Global, with help from returning investors Global Founders Capital and HOF Capital.
HitPay said more than 10,000 merchants use its platform, which offers local and cross-border payment acceptance and payouts, an online store platform, POS software with card readers, plugins and payment links.
“SMEs are still underserved, with limited resources and poor access to affordable payment services,” Aditya Haripurkar, CEO and co-founder of HitPay. “With our Series A funding, HitPay can continue to support the unique needs of our merchants, and build the best payment gateway for small businesses.”
In addition to Singapore, HitPay is available in Malaysia, Hong Kong, Australia, New Zealand, Canada, the U.S., the U.K., Europe and the UAE. The company said it is set to expand to new markets in Southeast Asia over the coming months.
“Digital payments and commerce enablement are still in the very early days in Southeast Asia, especially when it comes to offering simple tools to small businesses,” said Tito Costa, partner at Global Founders Capital. “We are honored and excited to back the team again as their expansion across the region accelerates further.”
Read more: Apis Invests in B2B Micropayments Platform DT One
Earlier this month, PYMNTS reported on another Singapore-based company, DT One. Founded in 2005, its platform powers cross-border mobile micropayments in the form of additional airtime and data top-ups. The top-ups are added to prepaid phones in more than 160 countries and can be used by mobile phone users for gaming pins and gift cards.
“DT One solves challenges in developing markets where prepaid services are predominant and data usage is exploding,” said Peter de Caluwe, CEO of DT One. “We have a strong network of more than 550+ mobile operators with marquee partnerships for digital vouchers.”
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