BDA advises BIPO on US$50m investment from Apis Partners 

BDA Partners is pleased to announce that its client, BIPO, a Singapore-based payroll and HR solutions platform, has raised US$50m from Apis Growth Fund (III). The fund recently held its final close at US$1.23bn. The fund is managed by Apis Partners Group, a private equity firm investing in tech-enabled businesses in financial infrastructure and services. 

BDA acted as exclusive financial advisor to BIPO on the transaction. 

BIPO was founded in 2010 and is headquartered in Singapore. BIPO provides an integrated suite of Human Resource Management System (“HRMS”), Global Payroll Outsourcing (“GPO”), Employer of Record (“EOR”) and workforce analytics solutions. BIPO supports Enterprise & SME clients across 170 countries, helping Asian businesses expand globally, and multinational corporates scale across Asia’s complex, fast-growing markets. 

Apis’ investment will support BIPO’s next phase of growth, including continued international expansion, selective M&A, further investment in AI and automation, and the development of embedded financial services capabilities, including Treasury and FX solutions. 

Michael Chen, Founder and CEO of BIPO, said: “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. Together with Apis, we are focused on building the next phase of BIPO as a truly global payroll and HR solutions platform, enabling companies and talent to operate seamlessly across borders.” 

Udayan Goyal, Co-Founder and Managing Partner, Apis Partners, said: “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.” 

Matteo Stefanel, Co-Founder and Managing Partner, Apis Partners, said: “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$2bn in salaries, and serves more than 5,600 corporate clients. We are excited to support the next phase of its international growth and help build a truly global payroll and HR infrastructure champion.” 

Anindita Das, Managing Director, BDA Partners, said: “This is a landmark transaction in the HR and payroll technology sector. BIPO has built a market-leading platform across Asia, combining proprietary technology, regulatory depth and trusted service delivery in complex markets. We’re delighted to have advised BIPO. We congratulate Michael, the BIPO team and Apis on their partnership.”