LatitudePay (Formerly Octifi )

LatitudePay Singapore, formerly known as OctiFi, was a fintech company that provided Buy Now, Pay Later (BNPL) services. The company was founded in Singapore in 2019 by Ed Chin and Amit Kumar. Ed Chin, a Yale graduate in Economics and Mathematics, had a background in trading distressed credit on Wall Street before co-founding OctiFi. The firm participated in Y Combinator's Winter 2021 batch, securing $125K in funding.

OctiFi launched its BNPL service in Singapore in 2020, offering a mobile app-based platform for both online and offline merchants. The service allowed consumers to split purchases into three interest-free installments. The business model focused on charging partner merchants transaction fees rather than charging consumers interest, though late fees were applicable for missed payments. The company aimed to serve consumers who could benefit from access to credit without relying on traditional credit cards.

In 2021, Australia's Latitude Financial acquired OctiFi to expand into the Southeast Asian market, rebranding it as LatitudePay Singapore. Following the acquisition, the company planned to expand its offerings to include financing for larger purchases. However, amid a challenging market for BNPL services, LatitudePay ceased its operations in Singapore and Malaysia on April 19, 2024.

Keywords: OctiFi, LatitudePay, Buy Now Pay Later, BNPL, financial technology, fintech, interest-free installments, point of sale financing, consumer credit, e-commerce payments, retail financing, Singapore, Ed Chin, Amit Kumar, Y Combinator, Latitude Financial, out of business, closed