HitPay has everything small businesses need.
In addition to being an online payment gateway, it also offers tools like point-of-sale software, payment links, and no-code online stores.
The Y Combinator alumni raised over 15 million dollars 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, with plans to expand into more Southeast Asian markets.
HitPay pivoted from an e-wallet to a virtual POS product in the middle of last year, according to the company's co-founder and CEO. The other tools on the platform were developed as the team began to understand the needs of the SMEs.
HitPay's Series A funding will be used to build a payments infrastructure from the ground up, with the intention of saving SMEs money and helping them expand their business. Payments infrastructure will include all commonly used payment rails in each market, including bank transfers, cards, e-wallets and BNPL services.
We wanted to build a one-stop no code platform because of the specific requirements of small businesses. We will be focusing on building these free tools in addition to building up payment rails for Singaporean and Malaysian merchants. We will look at local payment methods in every country that we launch in. That is the biggest challenge for our team and where most of our investment and time is going as well.
As HitPay expands into new countries, it will need to get regulated in each market it operates in to allow it to build payment infrastructure for small and medium-sized businesses. The most popular payment methods will be integrated. HitPay works with about 10 to 15 payment methods in Singapore.
HitPay's no-code platform allows SMEs to unify their online and offline payment stacks. Medium-sized businesses have annual revenue between $500,000 and $2 million. Most of them are in the retail segment.
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