Singapore-based fintech startup Rely has bagged US$ 74.8M credit facility in December 2020, from Polaris.
Capital raised will be used by the startup to scale its operations and partner with leading retailers in Singapore, Malaysia and South Korea. As per a press statement released by the startup, the fund will provide the merchants partnering with its platform the confidence in its ability to enable high-volume, high-demand sales flow.
Founded in 2017 by Hizam Ismail and Mohamed Abbas, Rely provides buy-now-pay-later services enabling shoppers to pay for their purchases over three to four equal installments, interest-free. Rely partners with online and offline retailers across categories such as fashion, beauty, lifestyle, fitness among others.
Qoo10, SecretLab, Limited Edt, MissFit, OMNIDESK are some of the merchants it has aligned with to offer buy-now-pay-later services on their e-commerce platforms.The fintech startup said that it is looking forward to partnering with more enterprise retailers in 2021. Furthermore, it recently announced a partnership to unveil a new service within Lendlease’s app to provide buy-now-pay-later services for customers shopping at 313@somerset, a popular shopping mall in Singapore. Lendlease is a real estate and investment firm headquartered in Sydney, Australia. Customers who have downloaded the Lendlease Plus app pay only a fourth of their total retail cost upfront. The payment is followed by three automated repayments every 2 weeks, without interest or additional charges. Spending limits are kept for each shopper and measures are put in place to encourage responsible spending. The maximum transaction amounts vary within a US$ 748 limit on debit card purchases and a US$ 2990 limit on credit card transactions.
Alex Chua, CEO of Goldbell said that by combining Rely’s data procurement capabilities with Polaris’s groundbreaking and scalable funding structure, Rely can sustainably back larger digital transactions. He further added that this association creates an opening for brands to reinvent the shopping experience for customers through a pioneering substitute payment channel, promoting spending after a very hard-hitting year for the retail sector.
The fintech startup raised an undisclosed 7-figure amount in a pre-Series A funding round from Goldbell and the Octava Foundation last year (2019).
About Polaris
Polaris is the strategic investment arm of Singapore-based Goldbell Financial Services. Polaris acts as a launchpad for businesses aiming to fast-track their growth. It offers its partners the chance to enhance their value by co-creating financial solutions that lead to supplementary revenue streams and financial sustainability. The Polaris network connects a community of partners, funding sources and industry leaders for partnerships, funding and business opportunities, giving businesses an extra advantage.
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