HitPay has almost everything that SMEs need for their business.
Besides being an online payment gateway, it also offers tools like point of sale software with card readers, plugins, payment links, and no-code online stores.
The Y Combinator alum announced today that it has raised $15.75 million in Series A funding led by Tiger Global, with participation from returning investors Global Founders Capital and HOF Capital. It is currently used by over 10,000 merchants in Singapore and Malaysia, and there are plans to expand to other Southeast Asian markets including Thailand, Indonesia and the Philippines.
Co-founder and CEO Aditya Haripurkar told TechCrunch that HitPay started as an e-wallet in 2016, but then evolved as a virtual POS product into an SMB platform in 2018. As his team began to better understand the needs of SMBs, they began developing the other tools on the platform.
HitPay’s Series A funding will be used to build a payments infrastructure from the ground up to save SMEs money and help them grow their businesses. This includes business tools and a payment infrastructure that includes all major payment methods in any market, including bank transfers, cards, e-wallets and BNPL services.
“SMEs have very specific needs, so we wanted to build a one-stop, no-code platform,” said Haripurkar. “This affects all of our plugins, point-of-sale software, enterprise software, online shops and recurring payments. We will focus on building these free SaaS tools in addition to building payment tracks currently focused on merchants in Singapore and Malaysia. But it’s going to look very different in each country we launch in, so we’ll look at the local payment methods in each country. This is the biggest challenge for our team and it is where most of our investment and time goes.”
The first step HitPay will take as it expands into new countries is to become regulated in every market it operates in, so it can build a payments infrastructure for SMBs from the ground up. Then the most popular payment methods are integrated. In Singapore, for example, HitPay currently works with around 10 to 15 payment methods.
HitPay’s no-code platform enables SMBs to unify their online and offline payment stacks. It is typically used by medium-sized businesses with annual sales between $500,000 and $2 million. Most are in the retail segment, but Haripurkar expects that to develop as well.
HitPay is a one-stop solution for SMEs – TechCrunch Source link HitPay is a one-stop solution for SMEs – TechCrunch