Singapore-based financial technology (fintech) startup Rely announced that it has secured a facility from Polaris, the strategic partnerships arm of Singapore’s Goldbell Financial Services, to process transactions of up to S$100 million ($74.9 million) and expand its Buy Now Pay Later (BNPL) service to new merchants in Singapore.
After raising an undisclosed seven-figure sum in a pre-series A round with Goldbell Financial Services and the Octava Foundation last year, Rely’s new S$100 million capacity is an extension of its goal to scale operations and forge partnerships with major retailers in Singapore, Malaysia, and South Korea, the firm said in a statement.
The fund will provide major commercial merchants onboarding with Rely confidence in its ability to facilitate high-volume, high-demand sales flow, particularly with the upcoming holiday season approaching.
Additionally, Rely, in partnership with real estate and investment firm, Lendlease, has launched a new service within Lendlease’s Plus App to provide BNPL services for consumers shopping at 313@somerset, a shopping complex in Singapore, Rely said in a statement.
This partnership is the first-of-its-kind in Singapore between a mall and a BNPL provider, and can be used at participating outlets within 313@somerset, Rely said.
“Our financing partnership with Polaris has supercharged Rely’s growth by enhancing the ability to process high-value, high-volume BNPL transactions. This financial boost provides large enterprise retailers with the confidence in partnering Rely to meet the needs of particularly younger, digitally savvy shoppers,” Rely chief executive offcer Hizam Ismail said.
Currently, Rely has partnered with Qoo10, Singapore’s largest e-commerce retailer. In 2021, more enterprise retailers will be offering Rely at checkout to capture the digitally savvy millennial and Gen Z demographic, Rely said.
Founded in 2017, Rely is a Singapore headquartered financial technology company, with operations across APAC. Rely provides BNPL service where shoppers pay for their purchases over three to four equal payments, interest-free.