Singapore-based fintech platform Rely announced it has secured S$100 million (US$74.8 million equivalent) credit facility from Polaris, the strategic partnerships arm of Singapore-based Goldbell Financial Services.
This credit facility will enable Rely process transactions of up to S$100 million ($74.9 million) and expand its Buy Now Pay Later (BNPL) service to new merchants in Singapore.
The startup raised an undisclosed 7 figure sum in pre-Series A from Goldbell and the Octava Foundation last year.
Founded in 2017, Rely is a Singapore headquartered financial technology company, with operations across APAC. Rely provides BNPL service where shoppers pay for their purchases over three to four equal payments, interest-free.
“Our financing partnership with Polaris has supercharged Rely’s growth by enhancing the ability to process high-value, high-volume BNPL transactions. This financial boost provides large enterprise retailers with the confidence in partnering Rely to meet the needs of particularly younger, digitally savvy shoppers,” Rely chief executive offcer Hizam Ismail said.
“By coupling Rely’s data acquisition capabilities with Polaris’s innovative and scalable funding structure, Rely can sustainably support larger digital transactions,” said Alex Chua, CEO of Goldbell.
“This partnership creates an opportunity for brands to reinvigorate the shopping experience for consumers through an innovative alternative payment channel, stimulating spending after a very tough year for the retail scene,” he added.