Fin­tech startup Rely fu­els SEA ex­pan­sion

Singapore Business Review - - STARTUPS -

Rely, a Sin­ga­pore-based fin­tech com­pany that of­fers a ‘Buy Now Pay Later’ ser­vice, has raised a seven-fig­ure pre-se­ries A fund­ing led by Gold­bell Fi­nan­cial Ser­vices. Join­ing the grow­ing list of star­tups rais­ing funds from fam­ily of­fices in Sin­ga­pore, a sig­nif­i­cant amount of fund­ing was also se­cured from Oc­tava foun­da­tion, a fam­ily of­fice based in Sin­ga­pore, and strate­gic in­vestors from the fi­nan­cial and tech­nol­ogy sec­tor.

Founded in 2017, Rely uses its pro­pri­etary de­ci­sion en­gine, which uses ar­ti­fi­cial in­tel­li­gence and ma­chine learn­ing, to help de­ter­mine shop­pers’ re­pay­ment ca­pa­bil­i­ties for each

trans­ac­tion. With Rely, shop­pers can use the ‘Buy Now Pay Later’ ser­vice upon check­out and en­joy their prod­ucts with­out hav­ing to pay the full sum upfront. Gold­bell Fi­nan­cial Ser­vices (GBFS) is the fi­nan­cial ser­vices arm of Gold­bell Group, a fi­nan­cial in­sti­tu­tion in Sin­ga­pore.

When founders of the fin­tech startup Rely started their first fund­ing round, they re­alised that it was es­sen­tial to have in­vestors who un­der­stood the fin­tech in­dus­try and what they were do­ing in re­la­tion to the cur­rent in­dus­try.

This is why its CEO and co-founder Hizam Is­mail thought that they were for­tu­nate enough to be in­tro­duced to var­i­ous in­vest­ment net­works, such as An­gel­cen­tral. “Fundrais­ing is al­ways a chal­lenge for any startup as it can be a long and dif­fi­cult process. Through our ex­pe­ri­ence dur­ing this fund­ing round, we found that a good way to get started would be to learn from in­dus­try vet­er­ans who have done this be­fore,” he said.

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