Successful Business in Singapore 2022
In 2021, we saw several businesses take it by the horns and go-ahead to launch their businesses despite it being a pandemic-stricken year. It’s been less than a year, but these businesses have seen tremendous growth.
Here are six local businesses that started in 2021 amidst the pandemic and fluctuating government restrictions.
Pace
Pace is a Singapore-based fintech solution company that offers ‘Buy Now, Pay Later’ (BNPL), which has seen astronomical growth since its inception in 2021.
Pace took only a year to grow into a Pan-Asian BNPL provider and is on track to hit a Gross Merchandise Value run rate of US$1 billion in 2022. Most recently, it has announced that it has raised US$40 million in its Series A investment round.
According to the company, the new funding will go towards expanding technology, operations, and business development. It aims to grow its user base by 25 times over the next 12 months.
The company is now the fastest-growing multi-territory BNPL player from Singapore following this investment round.
Pace allows consumers to split their purchase bills into three equal interest-free payments over 60 days through an omnichannel experience that helps them spend sustainably.
Champion Bolo Bun
Champion Bolo Bun: This 22-year-old S’porean sells up to 1,200 buns a day with no marketing
Champion Bolo Bun had their soft opening in April of this year but has quickly earned cult status as the go-to place for bolo bun. The bakery sells 700 to 900 buns on weekdays and up to 1,200 buns on weekends — all this with no marketing efforts on her end.
The owner and head chef, Hoh Loyi, didn’t enter polytechnic or junior college like most 16-year-olds after completing their ‘O’ levels. Instead, Loyi cut her teeth in the baking world in Taiwan, where she pursued a bread-baking certificate for a year.
CocoBoss
Another product that has got us wrapped around its finger is coconut shakes. While most of us are enamored by another coconut shake brand, CocoBoss is where you should get your next coconut shake when the weather gets unbearable.
CocoBoss opened its first store early this year at Space @ Kovan and has since opened its sixth store at Peninsula Shopping Centre in a short span of seven months.
CocoBoss wants to show who’s ‘boss’ in the coconut shake scene.
Despite having zero F&B experience, Leo Tan and Benjamin Liu decided to take a leap of faith and enter into the world of coconut shakes.
It was a steep learning curve for the duo, and Leo admitted that their lack of experience posed many challenges.
Successful Business in Singapore 2022
