Rely, a Singapore-based buy-now-pay-later (BNPL) services provider, announced today it has secured a S$100 million (US$74.8 million) credit facility from Polaris, the strategic partnerships arm of Singapore-based Goldbell Financial Services.
The new credit facility is an extension of Rely’s goal to scale operations and forge partnerships with major retailers in Singapore, Malaysia and South Korea.
The company said in a press statement that the fund will provide the commercial merchants onboarding on its platform “the confidence in its ability to facilitate high-volume, high-demand sales flow”.
Founded in 2017, Rely provides BNPL service where shoppers pay for their purchases over three to four equal payments, interest-free. Rely partners with online and offline retailers across key categories such as fashion, beauty, lifestyle, fitness among others.
Rely currently partners with Singapore-based Qoo10 to offer BNPL services on its e-commerce platform.
The fintech startup said that more enterprise retailers will be onboarded in 2021, in an attempt to capture the millennial and Gen Z demographic.
Additionally, Rely announced a partnership to launch a new service within real estate and investment firm Lendlease’s app to provide BNPL services for consumers shopping at [email protected]
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