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KPay, a financial management platform for SMEs, raises $55M Series A | TechCrunch

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KPay, a financial management platform for SMEs, raises M Series A | TechCrunch

Sometimes, the easiest way to find a great idea for a startup is to look beyond the current problem you’re solving for your customers.

That’s exactly what worked for the founders of KPay. Davis Chan and his co-founders previously helped small and medium-sized merchants optimize their revenue and traffic in Asia, but they eventually noticed how inefficient managing payments and finances was for their customers.

Traditional financial solutions for merchants and SMBs do not effectively cater to the modern needs for business agility, integration, and data-informed decision-making, Chan said. “This fragmented approach results in inefficiencies, higher costs, and a lack of actionable business insights.”

That insight led them to start KPay, a one-stop financial management platform for merchants and SMBs. The company has seen decent traction in the three years since its inception: It now serves 45,000 merchants in Hong Kong, Singapore, and Japan, and partners with more than 150 SaaS providers, banks, and financial service firms. The company says it aims to increase its partnerships to serve more businesses in Asia.

“We’re investing in payment technologies that offer greater flexibility, speed, and security to merchants to accept all major payments, supporting payroll, bill settlement, and both local and global remittance as a unified financial management platform,” Chan told TechCrunch.

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Investors certainly seem to have noticed the opportunity here: KPay recently secured $55 million in a Series A round led by London-based investment firm Apis Partners.

Image credits: KPay

The fresh cash from the Series A will be put toward product development, as well as enhancing its go-to-market speed, improving customer experience through organic growth, and expanding into new Asian markets and supporting inorganic growth strategies such as strategic mergers and acquisitions, Christopher Yu, CFO of KPay, told TechCrunch. In addition, the startup is exploring how AI will improve the merchant experience, increase operational efficiency, and boost revenues.

Yu did not provide specific details about KPay’s revenue and profitability but said its revenue had achieved a compound annual growth rate of 166% since its inception.

“Looking ahead, our goal is to enable 1 million merchants within the next five years, creating an inclusive digital economy where neighborhood businesses have the same opportunities as major brands,” Chan said.

The company has about 440 staff across its bases in Hong Kong and Singapore.

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Finance

How rising bank lending to non-bank financial institutions reallocates credit away from firms

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How rising bank lending to non-bank financial institutions reallocates credit away from firms
Bank balance sheets have undergone a significant transformation. This column finds that banks have increasingly reallocated lending towards non-bank financial institutions. A rising share of this activity finances government securities rather than credit to the real economy. This shift is driven by the rapid expansion of securities-financing operations, surging sovereign issuance, and the unwind of quantitative easing. Bank balance-sheet constraints reinforce this trend by making safer and more liquid loans comparatively attractive. As banks expand lending to non-bank financial institutions, they cut back on firm lending, with smaller and riskier firms bearing the largest contractions in borrowing and overall debt.
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Finance Committee authorizes $27M settlement stemming from deadly police chase

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Finance Committee authorizes M settlement stemming from deadly police chase

A City Council committee on Friday agreed to pay $27 million to the family of a mother of six killed in a high-speed police chase — nearly triple the amount awarded by a jury — amid warnings that new evidence in the case exposed taxpayers to a settlement “well over $100 million.”

The settlement authorized by the Finance Committee is poised for full Council approval next week, and would go to the family of Stacy Vaughn-Harrell.

The 47-year-old woman and her then 21-year-old daughter, Kimberlyn Myers, were driving home in June 2017 — after Myers sang at a performance in Indiana — when they were hit by a car that was fleeing police through a residential area in Englewood at a speed of roughly 50 mph.

Vaughn-Harrell was killed, and Myers suffered serious injuries, including a concussion, a lacerated liver, and a broken collarbone requiring a plate and five screws. Vaughn-Harrell left behind six children, three of whom were teenagers.

Before the chase, police had pulled over a white Kia they believed was present during a shooting, though they didn’t know if the shots came from the car, the family’s attorney said at the time. A passenger got out of the car when it was pulled over, then the Kia sped off.

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Police chased the Kia in an unmarked car, with a marked car following, according to the family’s trial attorney, who contended this violated department policy requiring a marked car to lead a chase using both lights and sirens.

The Kia had run through four stop signs before crashing into Vaughn-Harrell’s car at an intersection.

Three years ago, a jury awarded $10 million to the victim’s family.

On Friday, Deputy Corporation Counsel Margaret Mendenhall-Casey cited six reasons to explain why an appellate court’s decision to order a new trial based on an improper closing argument and other legal violations turned into a proposed $27 million settlement, all but $7 million shouldered by Chicago taxpayers.

Chief among them is a post-crash video that the “first jury did not see,” and the new trial judge has “already hinted he is inclined” to allow in a second trial, she said.

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Lawyers for Vaughn-Harrell’s family likely would use that video “ to argue that our officers were callous,” Mendenhall-Casey said. “Video of Kimberlyn crawling over her mother’s dead body and falling to the ground while officers stood by and watched, the plaintiff will argue.”

Other factors that strengthen the family’s case include: likely testimony from all six of the victim’s children, only two of whom testified at the first trial; more detail about Myers’ traumatic brain injury as well as testimony from her and her doctors; and the fact that the six surviving children lost not only their mother but their home-schooling teacher.

A second jury would also be permitted to hear more criticism of the police officers involved in the pursuit that was not allowed during the first trial, Mendenhall-Casey said. And a grieving family that did not seek compensation for pain and suffering would now likely seek those funds.

“As you can see, a second trial would have a substantially different and larger case presented to it on damages,” Mendenhall-Casey told the Finance Committee. “If this matter proceeds to a second trial, the plaintiff will ask the jury to award well over $100 million dollars.”

The City Council recently rejected an $8.25 million settlement in another deadly police pursuit case. But the city’s managing deputy of litigation, John Hendricks, advised alderpersons not to roll the dice on this case.

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“ We have a different case with new evidence. We have a different case with new witnesses. We have a different case with new and broader claims for damages. And we have a likelihood of more evidence coming in that was not allowed at the first trial based on judicial findings,” Hendricks said.

Citing a 2024 police pursuit case with a similar set of facts that culminated in a $79 million settlement, Hendricks said, “We have a new set of facts similar to set of facts that resulted in what people sometimes refer to as a nuclear verdict.”

During the public comment period that preceded Friday’s hearing, the Finance Committee heard tearful testimony from Myers.

“I am the individual who crawled out of that car. Who was not assisted by no officer. I did not see one hand reach out for me,” Myers said. “Every day there is pain that we all go through. Today is just as hard as it was on June 24, [2017].”

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Investigation exposes severe weaknesses in Halifax County finances

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Investigation exposes severe weaknesses in Halifax County finances

HALIFAX COUNTY, Va. – A new investigation into Halifax County’s financial system found widespread compliance problems, including missing documentation for most financial transactions and a concentration of authority within the finance department that could increase the risk of fraud.

The review examined four years of county finances and found that 98% of financial transactions tested had little to no supporting documentation, according to the report. Investigators said the lack of documentation could expose the county to federal audits and jeopardize grant funding.

The report also found that investigators could not accurately verify the county’s payroll records because some payments lacked sufficient documentation.

Halifax County Board of Supervisors Chair Larry Roller said the scope of the issues was larger than he expected.

“We’ve got to do better with our policies and procedures,” Roller said. “It was a lot more than I thought it would be.”

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Investigators said many of the problems stemmed from poor records retention and the county’s inability to produce requested documentation during the review.

“A lot of it was filing, records retention, and being able to get your hands on what was requested and provided,” Roller said. “And we weren’t able to do that in all the cases.”

The report also raised concerns about the structure of the county’s finance department. It found finance directors had significant authority, including the ability to approve payments and modify financial records without additional oversight.

Residents said the findings have shaken their confidence in the county’s leadership.

Barbara Coleman-Brown, who has lived in Halifax County for years, said she wants officials to clearly outline how they plan to fix the problems.

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“Tell me how you’re going to improve and when we can expect it,” Coleman-Brown said. “I need you to be specific to restore my trust.”

Roller said county leaders plan to work with multiple departments to overhaul financial procedures and improve transparency, though he warned the process could take time.

“It’s just a matter of us doing business like we should, communicating like we should, and being transparent to the public,” he said.

Copyright 2026 by WSLS 10 – All rights reserved.

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