Singapore’s Rely secures capital from Goldbell to finance up to $75m BNPL transactions

Photo by Josh Appel on Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.