Bayapay
Early-stage VC firm Winacore Capital has announced an undisclosed financial investment into BayaPay, a fleet fuel expense management startup in Malaysia.
The firm provides BayaFuel, a card that enables businesses to make secure payments within set limits and controls across all fleet-related expense management, such as fuel, travel, lodging, repairs, maintenance, road tax, insurance, tolls, and parking.
Using BayaFuel, commercial vehicle operators can save at least 20 per cent in fuel costs, the fintech startup claimed.
The fintech startup will soon launch the next-generation fleet fuel payment and expense management solution BayaFuel cards. It is a programmable SME payment card with credit facilities to pay for fuel and fleet-related expenses.
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BayaPay is currently pre-live on pitchIN to raise funds of up to RM3 million (US$635,000). Within a week of the campaign launch, BayaPay said it has received pledges surpassing its minimum fundraising target of RM500,000.
BayaPay hopes to close out the funding round by November 2022.
The company will use the funds to complete and launch the go-to-market fleet fuel payment card, expected by Q1 2023, to build traction in the market and structure credit funding.
Winacore Capital is a seed and debt fund with the primary goal of investing in and supporting Malaysian startups.
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