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Apis Partners invests US$50 million to accelerate BIPO’s global expansion; M&A and deployment of embedded financial service products across the Company’s leading payroll and HR platform
- Accelerate international expansion across key growth markets
- Execute disciplined M&A to enhance global capabilities
- Scale continuous investment in AI and agentic workflows to become an AI-embedded payroll & HR platform
- Build out embedded financial services across the platform
London / Singapore – 17 June 2026 – Apis Partners Group (UK) Limited (“Apis”), a private equity firm investing in tech-enabled businesses in financial infrastructure and services, today announces an investment of US$50 million in BIPO, Asia Pacific’s leading payroll payment processing and embedded workforce finance platform. Processing close to US$2 billion in payroll payments annually across 170+ countries and regions, BIPO sits at the intersection of compliant payments infrastructure and global employment. The investment marks the ninth from Apis Growth Fund III1, which recently held its final close at US$1.23 billion.
The transaction reflects Apis’ strategy of partnering closely with management teams to drive strategic priorities delivering measurable, durable growth and will support BIPO’s next phase of expansion across international markets, particularly in emerging and high-growth economies where compliant payroll and workforce infrastructure are critical to scaling operations.
Founded more than 15 years ago and headquartered in Singapore, BIPO is a market leader in Asia providing an integrated suite of Human Resource Management System (HRMS), Global Payroll Outsourcing (GPO), Employer of Record (EOR) and workforce analytics. The platform operates across over 50 offices globally, supports more than 5,600 SME and enterprise clients, and processes payroll across 170+ countries and regions through 26 proprietary in-house payroll engines. BIPO is an Asia-focused specialist, supporting both Asian businesses expanding internationally and multinational corporates entering and scaling across Asia’s most complex and fast-growing markets. The Company’s blue-chip client base includes global category leaders in industries such as technology, pharmaceuticals and life sciences, luxury retail, banking and finance, logistics and asset management, who rely on the platform to manage highly regulated, multi-jurisdictional workforces, particularly across Asia.
Apis will support BIPO in pursuing M&A globally, drawing on the firm’s established track record of leading scaled, cross-border M&A across its portfolio companies. BIPO will continue its investment in AI, deepening the integration of agentic workflows across its implementation and service delivery, advancing its ambition to become Asia’s AI-embedded payroll and HR platform serving global clients while preserving the human oversight critical to compliant payroll execution. Finally, Apis will partner with the team at BIPO to deepen its financial services product suite, including Treasury and FX capabilities, amongst others.
Payroll and workforce management represent a critical layer of global employment and financial infrastructure, underpinning compliant payments, workforce mobility and formal employment across emerging markets and globally. Through its structured payroll processing and fully auditable records, built to meet local regulatory requirements, BIPO creates greater transparency and trust across employer-employee relationships, particularly in markets where informal employment remains prevalent. By enabling workers to receive formalised income records and compliant salary payments, BIPO helps bring individuals into the formal economy, supporting access to essential financial services such as bank accounts, credit and insurance, helping to unlock broader economic participation and long-term financial inclusion.
Matteo Stefanel, Co-Founder and Managing Partner, Apis Partners:
“Payroll and workforce management sit at the core of how companies operate across borders and are among the most mission-critical elements of the global financial system, requiring deep regulatory understanding, precision and consistent execution. BIPO has built an exceptionally strong platform across Asia, combining deep regulatory connectivity, operational scale and trusted delivery in markets where accuracy and compliance are non-negotiable. This investment reflects Apis’ continued expansion across the broader financial infrastructure ecosystem, including adjacent areas such as embedded finance and payments, where we see long-term structural growth.”
Udayan Goyal, Co-Founder and Managing Partner, Apis Partners:
“BIPO is a founder-led business that has spent well over a decade building the infrastructure, credibility and regional presence required to operate payroll and HR services at scale across Asia. Today, BIPO supports around 700,000 employees globally, processes close to US$2 billion in salaries, and serves close to 6,000 corporate clients – delivering compliant, transparent payroll that brings more workers into the formal financial system and expands access to financial services.
“At Apis, we focus on backing platforms that form part of the underlying financial infrastructure of the global economy, where technology can drive both commercial outcomes and systemic impact. BIPO has already demonstrated strong customer momentum across multiple geographies, and we are excited to support the next phase of its international growth and help build a truly global payroll and HR infrastructure champion.”
Michael Chen, Founder and CEO, BIPO:
“We are partnering with Apis at a pivotal moment for BIPO. Their deep expertise in financial services and strong track record in cross-border M&A position us to accelerate our global expansion with greater speed and discipline.
This investment allows us to scale across key growth markets, strengthen our platform, and deepen our capabilities in AI, automation and embedded financial services. We see a clear opportunity to evolve into a core piece of global employment and financial infrastructure supporting the distributed workforce.
Together with Apis, we are focused on building the next phase of BIPO, a truly global, AI-embedded platform enabling companies and talent to operate seamlessly across borders.”
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About Apis Partners:
Headquartered in London, the Apis Group (“the Firm”) is a leading global private equity firm specialising in financial infrastructure and technology. Managing or advising on US$2.3 billion in AUM, the Firm invests in profitable, proven business models, partnering with management teams to drive transformative growth and deliver exceptional returns.
With a team of over 40 professionals across three global hubs, the Firm leverages decades of sector expertise and deep international connectivity. Dedicated to creating value, the Firm employs a hands-on, partnership-driven approach, supporting portfolio companies with strategic advice, M&A opportunities, and operational improvements. The Firm is highly conscious of the impact that the provision of growth capital can achieve; as such, financial inclusion and financial wellness are core tenets of its impact investment approach.
The Firm’s strong track record of returns to investors was reflected when it was the highest-ranked financial sector-focused firm and #2 globally in the 2025 HEC Paris-Dow Jones Growth Equity Investor Ranking.
www.apis.pe
Follow Apis Partners on LinkedIn: https://www.linkedin.com/company/apis-partners/
About BIPO:
Headquartered in Singapore, BIPO is a market leader in Asia specialising in providing an integrated suite of payroll and HR solutions. The company delivers three core pillars: Human Resource Management System (HRMS), Global Payroll Outsourcing (GPO), and Employer of Record (EOR) services, and offers advanced workforce analytics.
With a global footprint across Asia Pacific, Europe, Latin America, the Middle East, Africa, and North America, BIPO supports enterprise and SME clients across 170+ countries and regions through its proprietary in-house payroll engines. As an Asia-focused specialist with deep regional expertise and international connectivity, BIPO partners with organisations to drive operational efficiency, enabling both Asian businesses to expand globally and multinational corporates to scale seamlessly across Asia’s complex, fast-growing markets.
BIPO’s strong track record and industry recognition are reflected in its positioning in the Everest Group Multi-Country Payroll (MCP) Solutions PEAK Matrix® Assessment and top honours at the HR Vendors of the Year awards.
www.biposervice.com
Follow BIPO on LinkedIn: https://www.linkedin.com/company/bipo-svc/
Media Contacts
Apis Partners:
Stephanie Mullard | stephanie.mullard@apis.pe | +44 7377 952886
Camarco | apis@camarco.co.uk | +44 7972 013 692
BIPO:
Adeline Lee | adeline.lee@biposervice.com | +65 9876 2213
Dresden Zhang | dresden.zhang@biposervice.com | +65 9662 9068
1Apis Growth Fund III denotes Apis Global Growth Fund III and Apis Growth Markets Fund III
