HitPay has virtually all the pieces SMEs must run their companies.
Along with being an internet cost gateway, it additionally gives instruments like point-of-sale software program with card readers, plugins, cost hyperlinks and no-code on-line shops.
The Y Combinator alum introduced at present that it has raised $15.75 million in Collection A funding led by Tiger International, with participation from returning buyers International Founders Capital and HOF Capital. It’s at present utilized by over 10,000 retailers in Singapore and Malaysia, with plans to increase into extra Southeast Asian markets, together with Thailand, Indonesia and the Philippines.
Co-founder and CEO Aditya Haripurkar instructed Avisionews HitPay began in 2016 as an e-wallet, however then pivoted towards being a SME-facing platform in 2018 as a digital POS product. As its workforce started to grasp the wants of SMEs extra, it began to develop the opposite instruments on the platform.
HitPay’s Collection A funding will likely be used for constructing a funds infrastructure from the bottom up, with the intention of saving SMEs cash and serving to them increase their enterprise. This can embody enterprise instruments and funds infrastructure that features all generally used cost rails in every market, together with financial institution transfers, playing cards, e-wallets and BNPL providers.
“SMEs have very particular necessities, so we needed to construct a one-stop no code platform,” mentioned Haripurkar. “That entails all our plugins, level of sale software program, enterprise software program, on-line shops and recurring funds. We’ll be specializing in constructing these free SaaS instruments along with increase cost rails, that are targeted at present on Singaporean and Malaysian retailers. However in every nation we launch in, that may look very completely different, so we’ll take a look at native cost strategies in each nation. That’s the most important problem for our workforce and the place most of our funding and time goes as effectively.”
Step one HitPay will take because it expands into new international locations is to get regulated in every promote it operates in, to permit it to construct cost infrastructure for SMEs from the bottom up. Then it can combine the preferred cost strategies. For instance, in Singapore, HitPay at present works with about 10 to fifteen cost strategies.
HitPay’s no-code platform permits SMEs to unify their on-line and offline cost stacks. It’s sometimes utilized by medium-sized companies, with annual income between $500,000 to $2 million. Most are within the retail section, however Haripurkar count on that to evolve as effectively.
