HitPay is a one-stop solution for SMBs – TechCrunch

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HitPay has almost everything SMBs need to run their business.

Apart from being an online payment gateway, it also offers tools like point-of-sale software with card readers, plugins, payment links, and no-code online stores.

The Y Combinator alum announced today that he has raised $15.75 million 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 to other Southeast Asian markets including Thailand, Indonesia and the Philippines.

Co-founder and CEO Aditya Haripurkar said TechCrunch HitPay started in 2016 as an e-wallet, but then pivoted into a platform for SMBs in 2018 as a virtual point-of-sale product. As her team better understood the needs of SMEs, she began to develop the other tools of the platform.

HitPay’s Series A funding will be used to build a payment infrastructure from the ground up, with the aim of saving SMEs money and helping them grow their business. This will include business tools and payment infrastructure (including all payment rails commonly used in each market, including bank transfers, cards, e-wallets and BNPL services).

“SMBs have very specific requirements, so we wanted to create a single no-code platform,” Haripurkar said. “This involves all of our plugins, POS software, enterprise software, online stores and recurring payments. We will be focusing on building these free SaaS tools in addition to setting up payment rails, which will are currently focusing on Singaporean and Malaysian merchants. But in each country we go into it will be very different, so we will be looking at local payment methods in each country. This is the biggest challenge for our team and that’s where most of our investment and time goes.

The first step that HitPay will take as it expands into new countries will be to regulate itself in each market it operates in, to enable it to build a payment infrastructure for SMEs from the ground up. Then it will integrate the most popular payment methods. For example, in Singapore, HitPay currently works with around 10-15 payment methods.

HitPay’s no-code platform enables SMBs to unify their online and offline payment stacks. It is typically used by medium-sized businesses with annual revenues between $500,000 and $2 million. Most are in the retail segment, but Haripurkar expects that to evolve as well.

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