Pace in liquidation, as yet another BNPL player falls by the wayside

ANOTHER buy now, pay later (BNPL) player has shuttered, with Pace liquidating its business.

The startup filed for voluntary winding up in August, according to filings with the Accounting and Corporate Regulatory Authority of Singapore. The inability to continue due to liabilities was cited as the reason for voluntary winding up in a resolution signed by founder and chief executive Turochas Fuad.

The Business Times has reached out to Fuad for comment.

Liquidators from accounting firm RSM have been appointed to oversee the liquidation.

The latest financial statements for Pace, which were filed for 2021, showed US$1.4 million in revenue with losses of US$11.7 million. It has total liabilities of US$16.4 million and total assets of US$35.8 million.

This shuttering comes after Australian BNPL player Zip exited the market in June.

Pace acquired another BNPL player, Rely, in March 2022. The startup raised US$36.7 million across seed and Series A funding. Alpha JWC Ventures and Vertex Ventures were two of the biggest investors on Pace’s cap table behind Fuad.

The BNPL space has seen some consolidation over the last two years, as BNPL player Hoolah was acquired by rewards platform Shopback in November 2021. The sector has encountered macroeconomic headwinds as rising interest rates and inflation temper consumer spending.