Malaysia’s Bayo Pay bags $2.4m in Series A round led by VentureTECH SBI

VentureTECH SBI and VentureTECH have jointly invested 10 million Malaysian ringgit ($2.4 million) in Bayo Pay, a licensed Mastercard Non-Bank E-Money Issuer.

The funding round, led by VentureTECH SBI, aims to accelerate the growth of Bayo Pay’s core business and bolster its B2B2X white label Digital Payment-as-a-Service solutions, supporting the rise of fintech startups in Malaysia.

Bayo Pay offers comprehensive digital payment solutions to SMEs and corporates. Its B2B2X model provides clients access to its proprietary technology to create a scalable private label payment solution, simplifying the journey into digital financial services by overcoming regulatory, legal, and technical barriers.

Principal of VentureTECH SBI, Mohd Jerry Tan, commented on the investment, “Our RM7 million investment will expedite Bayo Pay’s product development cycle, driving talent acquisition and client growth. The white label products and modular approach provide rapid deployment of new solutions or financial products, enabling Bayo Pay’s clients to concentrate on product development and marketing.”

VentureTECH’s CEO, Ahmad Redzuan Sidek, echoed these sentiments, adding that the RM3 million contribution aligns with their mission to support local fintech talents and drive positive socioeconomic benefits in line with Malaysia’s vision of embracing IR4.0.

Bayo Pay’s CEO, Aznul Abdullah, expressed his enthusiasm for the investment, stating that the funds will support the expansion of Bayo Pay, enabling the onboarding of new clients and promoting its ancillary digital services.

This marks the first investment for VentureTECH SBI, a joint-venture fund management company that focuses on venture capital and private equity activities in Southeast Asia. Meanwhile, it is also the inaugural fintech investment for VentureTECH, bringing their total commitments in 25 technology industry leaders to over RM2 billion.

The co-investment agreement was formally signed by Mohd Jerry Tan, Ahmad Redzuan, and Fardan Majeed, Group Managing Director of Bayo Pay, solidifying this strategic partnership aimed at advancing Malaysia’s fintech landscape.