KPay launches in Australia to boost SME payments & operations

KPay has launched in Sydney, offering its unified payment platform and business operations solutions to Australian small and medium-sized enterprises (SMEs).

The entry into the Australian market represents KPay's first international expansion beyond Asia, following significant growth serving over 72,000 merchants across Hong Kong, Japan, and Singapore. The Sydney launch coincides with a rapidly growing payments market locally, which was valued at approximately AUD $1.23 trillion in 2024 and is forecast to reach about AUD $2.04 trillion by 2033.

KPay's platform provides cost-effective payment solutions specifically aimed at retailers, food and beverage outlets, and eCommerce businesses. Notable features include same-day settlements, 24/7 multilingual support, a dedicated Merchant Success Team, and the assistance of Solution Consultants to support digital transformation for clients.

The company's expansion into Australia has been supported by a recent Series A fundraise described as the largest globally within the payments sector in 2024. KPay announced a total of USD $55 million (about AUD $83.77 million) raised to support its international growth objectives and strengthen local operations.

"We are thrilled to serve Australia's vibrant merchant community. With a record-breaking USD 55 million (approximately AUD 83.77 million) Series A fund raise- 2024's largest globally in the payments sector, KPay aims to elevate the local fintech ecosystem with innovative solutions that drive merchant success. Australia marks our first expansion beyond Asia, and we are dedicated to setting new standards and laying the foundation for our global growth."

KPay's Co-Founder and Chief Executive Officer, Davis Chan, commented on the company's ambitions for the new market, outlining the intention to leverage its experience to improve outcomes for Australian businesses while laying a platform for further global operations.

Australian SMEs account for much of the country's economic activity, with an estimated 2.65 million such businesses forming the backbone of local communities. They are a key part of the national economy and face ongoing challenges related to managing operational costs and adopting digital solutions for efficiency gains.

"Small and medium-sized enterprises (SMEs) are the backbone of our local communities. They drive economic opportunity, jobs and growth. They are too big to ignore, but they too face cost-of-living challenges. KPay's arrival in Australia is a positive and innovative step in empowering our SMEs. Congratulations on this significant milestone, and I look forward to seeing KPay's impact on Australia's fintech future."

These remarks were delivered by Matt Cross MP, Member of the NSW Parliament, during the launch of KPay's Product Blueprint and office in Sydney. The engagement from state representatives highlights the significance of financial technology providers in supporting the evolving needs of small business operators.

Helen Wai-Har Sham-Ho, former New South Wales Legislative Council member, also commented on the expansion:

"It's encouraging to see organisations with roots in a global hub like Hong Kong recognising these challenges that Aussie businesses face. Hong Kong understands the dynamics of digital transformation, the need for efficiency, and the power of connection. When that understanding is brought to Australia with a mission to support our local SMEs, to empower them with the tools for modern commerce, it's a partnership that deserves our attention."

At the Sydney office opening, KPay presented its global product roadmap, including new pay-in and pay-out capabilities, as well as value-added business services. The company's strategy aims to support merchants ranging from independent shops to larger retail chains, ensuring operations can be streamlined for efficiency and competitiveness.

KPay's services emphasise ease of use, security, and adaptability to diverse business needs. The company asserts that its product suite aligns with the Australian market's demand for reliable, responsive, and transparent payment solutions as businesses continue to adapt to increased digitisation within commerce and customer interactions.

As the Australian payments industry projects sustained growth over the next decade, KPay's local investment and expanded service offerings are positioned to contribute to efficiencies and competitive options for the country's SMEs.