Hong Kong’s Statrys, a Digital Payment Services Provider, Secures $5 Million to Expand Operations into Southeast Asia

Hong Kong-based Statrys, a digital payment services provider, has reportedly secured $5 million through an investment round from an angel investor.

Established in 2018, Statrys offers digital payment solutions for SMEs and startups. The Fintech firm noted that its platform makes it a lot easier for small companies to set up their business account.

The firm’s management also mentioned that it’s working on a Statrys-Xero integration, which is a new feature that will allow payments to be synchronized with customers’ Xero accounts. This should help close the gap between digital payments and accounting software. The New Zealand-based Xero is a cloud-powered accounting software solution for SMBs.

Statrys is planning to expand its business operations into Asian markets in order to support SMBs and business owners with their accounts, forex, and other payment requirements. Status claims that larger payment processing services charge significantly higher fees for these types of services while banks don’t offer them at all.

Statrys’ platform has reportedly handled HK$500 million (appr. $64.5 million) in remittance payments and HK$200 million (appr. $25.8 million) in forex transactions. This, according to Bertrand Theaud, Founder and CEO at Statrys.

According to a release, Theaud confirmed that the capital raised will be used to help the Fintech firm further develop its products and services. The company will be adding support for local currency accounts, payment cards, and will be integrating with accounting software. Statrys will also branch out into new markets in Southeast Asia – which may include Singapore, Thailand, and Indonesia.

Statrys currently supports digital payments and trading in 11 major currencies. The company has business offices in Bangkok and London.

Theaud remarked:

“Flow of business – therefore flow of payments – between China, Hong Kong, and Southeast Asia is rapidly growing. We anticipate that this trend will accelerate with the combined effect of the China-US trade war and the changes in the global supply chain that will result from the Covid-19 pandemic.”

UK-based Railsbank, an Open Banking and Regtech solution provider, revealed in June 2020, that it had gained Hong Kong Fintech Statrys as a new client.

Theaud had stated (earlier this year):

“Working in partnership with Railsbank to offer local currency accounts is an important value add to our clients. It is clearly a major achievement in our effort to provide Asian SMEs with more effective payment solutions for their international business.”

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