Rely, a Singapore-based buy-now-pay-later (BNPL) services provider, announced today it has secured a S$100 million (US$74.8 million) credit facility from Polaris, the strategic partnerships arm of Singapore-based Goldbell Financial Services.
The new credit facility is an extension of Rely’s goal to scale operations and forge partnerships with major retailers in Singapore, Malaysia and South Korea.
The fintech startup raised an undisclosed 7 figure sum in pre-Series A from Goldbell and the Octava Foundation last year.
The company said in a press statement that the fund will provide the commercial merchants onboarding on its platform “the confidence in its ability to facilitate high-volume, high-demand sales flow”.
Also Read: Lessons from the buy-now-pay-later boom
“By coupling Rely’s data acquisition capabilities with Polaris’s innovative and scalable funding structure, Rely can sustainably support larger digital transactions,” said Alex Chua, CEO of Goldbell.
“This partnership creates an opportunity for brands to reinvigorate the shopping experience for consumers through an innovative alternative payment channel, stimulating spending after a very tough year for the retail scene,” he added.
Founded in 2017, Rely provides BNPL service where shoppers pay for their purchases over three to four equal payments, interest-free. Rely partners with online and offline retailers across key categories such as fashion, beauty, lifestyle, fitness among others.
Rely currently partners with Singapore-based Qoo10 to offer BNPL services on its e-commerce platform.
The fintech startup said that more enterprise retailers will be onboarded in 2021, in an attempt to capture the millennial and Gen Z demographic.
Additionally, Rely announced a partnership to launch a new service within real estate and investment firm Lendlease’s app to provide BNPL services for consumers shopping at 313@somerset.
Also Read: Buy now, pay later: The changing face of finance for a mobile generation
Customers who have downloaded the Lendlease Plus app pay only a quarter of their total retail cost upfront. The payment is followed by three automated repayments every fortnight, without interest or additional fees.
Spending limits are determined for each shopper and safeguards are put in place to encourage responsible spending.
Maximum transaction amounts vary within a S$1,000 (US$ 748) cap on debit card purchases, and a S$4,000 (US$2990) limit on credit card transactions.
—
Image Credit: Rely
The post Rely secures US$75M credit facility to expand its BNPL services in S’pore, Malaysia, Korea appeared first on e27.