Goldbell Financial Services led a seven-figure Pre-Series A funding round for a Singapore-based fintech company that provides shoppers with an interest-free «Buy Now Pay Later» service.

Goldbell Financial Services announced on Wednesday that it has funded local fintech firm, Rely, which offers shoppers with an interest-free «Buy Now Pay Later» service.

«The e-commerce industry in Singapore and Southeast Asia has grown tremendously since its inception. We recognize the ‘Buy Now, Pay Later’ industry in the region to be ripe with potential and complimentary to the e-commerce industry at this stage,» said Alex Chua, chief executive of Goldbell Financial Services.

E-Commerce Experience

Rely’s use of alternative data and machine learning to propel both industries will elevate both shopper’s and merchant’s e-commerce experience, and continue to shape and revolutionize the future of e-commerce retail, added Chua.

With Rely, shoppers can use the ‘Buy Now Pay Later’ service upon checkout and enjoy their products without having to pay the full sum upfront. By linking a debit card to their Rely account, shoppers can split their purchases into three equal, interest-free monthly payments. The initial payment is collected at checkout, and the remaining sum is collected over the next two months.

Spending Limits

Rely uses its proprietary decision engine, which harnesses the power of artificial intelligence and machine learning, to help determine shoppers’ repayment capabilities for each transaction.

With the use of this technology, spending limits are determined for each consumer to encourage responsible spending. Safeguards are also put in place to ensure that shoppers repay on time, and further purchases cannot be made if payments are not made on time.

Strong Uptake From Millennials

Not only does Rely benefit shoppers by serving as a budgeting tool for their online spending, but merchants also reap the benefits of Rely’s ‘Buy Now, Pay Later’ service.

Through offering Rely, retailers typically experience an uplift of 20 to 40 percent in conversion rate and order values. There is a particularly strong uptake from millennials, which makes up 75% of these «Buy Now Later» transactions.

Established Partnerships

Currently, Rely has established partnerships with leading e-commerce retailers such as Zalora, Zilingo, and Fitlion. This expansion is an addition to strengthening Rely’s data analytics capabilities to provide retailers and shoppers with an enhanced online shopping experience.