Early-stage venture capital fund, Winacore Capital has announced an undisclosed financial investment into BayaPay, a Malaysia-based Fleet Fuel expense management fintech startup.
BayaFuel is an open-loop payment platform to pay for fuel across all petrol brands and all fleet-related expenses where Visa/Mastercard cards are accepted, and supported with limits and controls. Using BayaFuel, commercial vehicle operators can save at least 20% in fuel costs.
Commenting on the investment, KK Low, Founder & CEO of Bayapay said, “We’re delighted to have Winacore Capital onboard with us as our strategic investor to support us in our next phase of growth.”
The fintech startup will soon be launching the next-generation Fleet Fuel payment and expense management solution, BayaFuel cards, a programmable SME payment card with credit facilities to pay for fuel and fleet-related expenses.
Ashwin Chockalingam, Founder and Investment Director at Winacore Capital, said, “We were very impressed with the business plan and ideas set out by KK Low, along with his ambitions. We have no doubt that BayaPay will be a success and we look forward to supporting the launch of BayaFuel in the market.”
BayaPay is currently pre-live on pitchIN to raise funds of up to RM3,000,000. Within a week of the fundraising campaign launch, BayaPay has already received pledges surpassing its minimum fundraising target of RM500,000.
Funds raised will predominantly be used to complete & launch the go-to-market Fleet Fuel payment card, which is expected by Q1 2023, to build traction in the market and structure credit funding.
BayaPay hopes to close out the funding round by November 2022.
