HitPay raises US$15.75m in Series A funding round
HitPay, a one-stop payments platform for small and medium-sized businesses, is excited to announce their US$15.75m Series A funding round. The round was led by Tiger Global and joined by returning investors Global Founders Capital and HOF Capital.
The funding marks the next step for HitPay, which has seen phenomenal growth this past year. Today, over 10,000 merchants use HitPay, with transaction payment volume growing by over 8x in 2021. HitPay’s wide range of payment solutions — including local and cross-border payment acceptance and payouts, an online store platform, POS software with card readers, plugins, and payment links — help resource-strapped SMEs scale with ease.
“We are thrilled to have the backing of incredible investors in our mission to empower SMEs with easy, accessible digital payments,” said Aditya Haripurkar, CEO and Co-Founder, HitPay. “SMEs are still underserved, with limited resources and poor access to affordable payment services. With our Series A funding, HitPay can continue to support the unique needs of our merchants, and build the best payment gateway for small businesses.”
Alex Cook, Partner at Tiger Global, said, “HitPay built a comprehensive platform that addresses the varying payment needs of SMEs. With a rapidly growing user base and the continued rollout of new products and features, we are excited to partner with Aditya and the HitPay team in their next phase of growth.”
HitPay is now available in Singapore, Malaysia, Hong Kong, Australia, New Zealand, Canada, the US, the UK, Europe, and the UAE — and is poised to serve new markets in South East Asia in the coming months.
With the capital raised, HitPay will continue to build a leading payments infrastructure platform — with unique SME-friendly features including support for local and international payment methods, best-in-class business software, and integrations with accounting and e-commerce platforms.
“Digital payments and commerce enablement are still in the very early days in South East Asia, especially when it comes to offering simple tools to small businesses. We are honored and excited to back the team again as their expansion across the region accelerates further,” said Tito Costa, Partner at Global Founders Capital.
“Partnering with HitPay early on was an easy decision, as they offered the most affordable, easy-to-use, no-code payment platform for SMEs,” said Victor Wang, Partner at HOF Capital. “Since our initial investment, we’ve continued to be impressed by the team’s obsessive customer focus, ambitious product roadmap, and relentless execution. As HitPay brings its best-in-class payment platform to new markets, we look forward to seeing HitPay’s solutions power millions of SMEs around the world.”