HitPay Payment Solutions Analysis: $16M Raised
What is HitPay Payment Solutions?
HitPay provides online, in-person, and cross-border payment tools for businesses operating in Southeast Asia. The company also offers developer APIs, recurring billing, payment links, invoicing, point-of-sale software, and terminal-based acceptance. HitPay says it was founded in Singapore in 2016 and is licensed by the Monetary Authority of Singapore.
Location
1 Keong Saik Road, Singapore, Singapore, 089109, Singapore
Employees
11-50
Founded
2016
Revenue
$3.64M
Business Model
Revenue from transaction fees and subscription plans for additional features.
Investors
- Tiger Global Management
Product Features & Capabilities
- Payment processing tools, online payments, point of sale solutions, B2B payments, customizable checkout pages, invoicing, recurring billing, payment links, integration with eCommerce platforms, smart billing tools, inventory management, real-time sales tracking.
Pricing
- Gold Plan: 29.99 SGD per month
- Silver Plan: 9.99 SGD per week
- Bronze Plan: 23.99 SGD for 2 weeks
How much HitPay Payment Solutions raised
Series A - US$15.75 million
May 31, 2022Lead Investor: Tiger Global, Global Founders Capital, HOF Capital
Who are the founders of HitPay Payment Solutions
AH
Aditya Haripurkar
Founder
NM
Nitin Muthyala
Founder
Competitors Overview
HitPay Payment Solutions operates in a competitive landscape with several notable competitors in the payment solutions market, particularly in the APAC region. Key competitors include:
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PayPal: A widely recognized payment platform that offers online payment solutions, point of sale services, and B2B transactions. PayPal's extensive user base and brand recognition provide it with a significant advantage in trust and reliability.
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Stripe: Known for its developer-friendly API, Stripe offers a comprehensive suite of payment processing tools for online businesses. Its flexibility and integration capabilities make it a preferred choice for tech-savvy companies.
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Square: Square provides a robust point of sale system along with online payment solutions. Its user-friendly interface and additional features like inventory management give it an edge for small to medium-sized businesses.
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Rapyd: This company focuses on providing a global payment network, allowing businesses to accept payments in various currencies and methods. Its strength lies in cross-border transactions and local payment options.
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FOMO Pay: A Singapore-based payment gateway that specializes in mobile payments and QR code transactions, catering specifically to the local market's needs.
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Adyen: A global payment company that offers a unified platform for online, mobile, and point of sale payments. Adyen's strength is in its ability to handle large volumes of transactions across multiple channels.
Notable differences and advantages of these competitors include brand recognition (PayPal), developer-friendly tools (Stripe), comprehensive POS systems (Square), and specialized local payment solutions (FOMO Pay). Each competitor has unique strengths that cater to different segments of the market, which can influence a business's choice of payment solution.
Market Focus
HitPay Payment Solutions primarily focuses on the payment solutions industry, specifically providing tools for online, point of sale, and B2B payments for growing businesses in the APAC region.
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