HitPay, an online payments startup for SMEs in Singapore, announced that it has raised $15.75 million in a Series A funding round, confirming DealStreetAsia’s report published in May.
The funding round was led by Tiger Global, with participation from returning investors Global Founders Capital and HOF Capital, according to the announcement.
DealStreetAsia first reported about the fundraising last month based on HitPay’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The filings showed Tiger Global contributed nearly $14 million to the round through its vehicle Internet Fund VII. Global Founders Capital and HOF Capital invested $1.5 million and $750,000, respectively, pricing HitPay’s Series A-4 preferred shares at about $4.26 apiece.
The startup, which had previously raised $2.7 million in seed funding using a simple agreement for future equity (SAFE) from investors including Rocket Internet, HOF Capital, and Y Combinator in 2021, plans to use the fresh funding for product development and hiring purposes.
During its seed funding in September, the startup said it will be focusing on product, expansion, and growth in key markets in Southeast Asia.
On its website, the startup said it is carrying on business under an exemption granted by the Monetary Authority of Singapore and is currently exempted from holding a licence to provide payment services under the Payment Services Act.
HitPay is a no-code, full-stack payments and commerce platform for SMEs in Singapore and in Southeast Asia. The startup said it allows small business owners and individuals who have limited coding skills or resources to start accepting online and in-person payments on any sales channels.
The startup was co-founded by Aditya Haripurkar and Nitin Muthyala. Haripurkar is a graduate of INSEAD while Muthyala graduated from the National University of Singapore. Muthyala led the rollout of the DBS Digibank app in Indonesia.
HitPay’s funding comes as private companies in Singapore continued to dominate Southeast Asia’s funding scene in March, with 64 startups amassing $886.9 million, accounting for 61% of the total capital raised during the entire month.