Bayo Pay, a licensed Mastercard Non-Bank E-Money Issuer, has raised RM10 million ($2.4 million) in a Series A fundraising round led by VentureTECH SBI Sdn Bhd and VentureTECH Sdn Bhd to boost its core business and enhance its white-label Digital Payment-as-a-Service solutions.
The raised capital is intended to support fintech startups in Malaysia.
The firm offers integrated end-to-end digital payment solutions to SMEs and corporates. Its unique B2B2X business model lets clients leverage its proprietary technology to develop scalable private label payment solutions via its white-label or embedded payment module.
“Our RM7 million investment will accelerate Bayo Pay’s product development cycle through talent recruitment and client acquisition,” said Mohd Jerry Tan, Principal of VentureTECH SBI. “The firm’s white-label products and modular approach enables rapid deployment of new financial products on top of its core offerings.”
Bayo Pay’s offerings facilitate quick market entry for fintech startups and corporates and helps them circumvent regulatory, legal, and technical hurdles while offering product customisation and integration flexibility.
CEO of Bayo Pay, Aznul Abdullah, indicated the investments would be used to expand the client base and promote its ancillary digital services.
“These investments will significantly support the operations of the company and fund the capital expenditure requirements as part of our strategies to leverage on the global surge in the use of digital payments,” Abdullah stated.
This marks the maiden investment for VentureTECH SBI, a fund management company focusing on venture capital and private equity activities in Southeast Asia.
Meanwhile, this is VentureTECH’s first foray into fintech, bolstering its portfolio of investments in technology industry leaders to an aggregate net worth exceeding RM2 billion.