Malaysian e-money service provider Bayo Pay has secured RM10 million (US$2.2 million) in a Series A funding round, according to a report by TechNode Global.
The funds invested came from Softbank-backed VentureTECH SBI who poured in RM7 million (US$1.52 million) while VentureTECH contributed RM3 million (US$650,000).
The funds will be used to expand Bayo Pay’s client base, increase collaborative-based income and further deepen its focus in its niche verticals.
Bayo offers a platform-based Payment System-as a-Service to its clients via white-labelling its technology and payment system rails needed to offer various financial and non-financial products.
The firm is regulated by Bank Negara Malaysia under the Payment System Act 2003 and a licensed entity by Mastercard as an issuer of Mastercard payment card in Malaysia.
“The investments will be utilised to fund Bayo Pay’s expansion by onboarding new clients and promote its ancillary digital services.
We are thrilled to have both VentureTECH SBI and VentureTECH as our cornerstone institutional investors and we believe this investment validates our business roadmap, as we execute our strategies to leverage on the global surge in use of digital payments,”
said Aznul Abdullah, Chief Executive Officer of Bayo Pay.
