Malaysia based FinTech company Bayo Pay (M) Sdn Bhd has successfully raised $2.2 million in Series A funding, led by venture capital firm VentureTECH SBI Sdn Bhd.
Bayo Pay announced that VentureTECH SBI and VentureTECH Sdn Bhd have invested MYR 7 million ($1.52 million) and MYR 3 million ($650,000) respectively in the company.
Aznul Abdullah, Chief Executive Officer of Bayo Pay, stated that the investments would be used to support the company’s expansion plans, including onboarding new clients and promoting its digital services. He added that the funding would also contribute to the company’s operations and capital expenditure requirements, supporting its strategies for client base expansion, collaborative-based income growth, and niche vertical focus.
Abdullah expressed his enthusiasm about VentureTECH SBI and VentureTECH becoming cornerstone institutional investors, considering the investment as validation of Bayo Pay’s business roadmap. He emphasized their commitment to leveraging the global surge in digital payments.
VentureTECH SBI, a joint-venture fund management company between VentureTECH and SBI Ventures Malaysia Sdn Bhd, made its maiden investment in Bayo Pay. The company focuses on venture capital and private equity activities in Southeast Asia.
This investment also marks VentureTECH’s first foray into the Fintech market segment since its establishment. With the inclusion of Bayo Pay, VentureTECH has invested in and committed to investing in 25 technology industry leaders, exceeding a cumulative net worth of MYR 2 billion ($440 million).
Mohd Jerry Tan, Principal of VentureTECH SBI, stated that the MYR 7 million ($1.52 million) investment would expedite Bayo Pay’s product development by enabling the hiring of additional talent and client acquisition. He highlighted the modular approach and white label products offered by Bayo Pay, allowing for rapid deployment of new solutions and financial products on top of its core offerings.
Ahmad Redzuan Sidek, CEO of VentureTECH, highlighted that the MYR 3 million ($650,000) investment aligns with the company’s mission to support local fintech talent and its impact investment philosophy. He emphasized Bayo Pay’s dynamic and modular solutions, which enable fast deployment of additional features such as security electronic ID modules, customer engagement platforms, and corporate digital payment solutions. These features allow Bayo Pay’s clients to customize and offer products essential to their strategic positioning.
VentureTECH is a government-backed impact investment company established to promote the growth of local industries, particularly Bumiputera, in high-value-added and high-technology sectors through equity investment. It operates as a wholly owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT).
Bayo Pay is a licensed Mastercard non-bank E-money issuer focused on growing its core business and enhancing its B2B2X white-label Digital Payment-as-a-Service solutions to support the growth of local fintech startups in Malaysia. The company provides integrated end-to-end digital payment solutions to SMEs and corporates, catering to a growing and captive user base.
With its B2B2X business model, Bayo Pay allows clients to access its proprietary technology for developing scalable private label payment solutions through white-label or embedded payment modules. This approach enables fintech startups and corporates to enter the digital financial services space more efficiently, accelerating their go-to-market strategy while overcoming regulatory, legal, and technical obstacles. It also offers flexibility, ease of product customization, and integration.