HitPay has almost everything SMEs need to run their business. In addition to being an online payment gateway, it also offers tools such as POS 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 the participation of returning investors Global Founders Capital and HOF Capital. It is currently used by more than 10,000 merchants in Singapore and Malaysia, with plans to expand to more markets in Southeast Asia, including Thailand, Indonesia and the Philippines. Co-founder and CEO Aditya Haripurkar told TechCrunch that HitPay started in 2016 as an e-wallet, but then became an SMB-oriented platform in 2018 as a virtual POS product. As his team began to better understand the needs of SMEs, he began to develop other tools on the platform. HitPay’s Series A funds will be used to build a payments infrastructure from scratch, with the intention of saving SMEs money and helping them expand their business. This will include merchant tools and payments infrastructure that includes all commonly used payment rails in each market, including bank transfers, cards, e-wallets and BNPL services. “SMBs have very specific requirements, so we wanted to create an end-to-end no-code platform,” said Haripurkar. “That means all of our plugins, point of sale software, merchant software, online stores and recurring payments. We will focus on building these free SaaS tools in addition to building payment gateways, which are currently focused on merchants in Singapore and Malaysia. But every country we launch in will look very different, so we’ll look at local payment methods in each country. That is the biggest challenge for our team and also where most of our investment and time goes.” The first step HitPay will take as it expands into new countries is to become regulated in each market it operates in, to enable it to build a payment infrastructure for SMEs from scratch. It will then integrate the most popular payment methods. For example, in Singapore, HitPay currently works with between 10 and 15 payment methods. HitPay’s no-code platform enables SMEs to unify their online and offline payment stacks. It is typically used by mid-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.
