Wallex Technologies, a Singapore-headquartered fintech startup that seeks to serve FX and cross border payment needs of SMEs, has announced the closing of an undisclosed Series A funding led by Ant Financial-backed fund BAce Capital, SMDV, and Skystar Capital. Existing investors also participated in the funding.
The company said that the new funds will be directed towards entering new markets as well as scaling up in already existing markets, and enhancing the core products.
Hiroyuki Kiga, COO and Co-Founder, shared, “We’re excited to partner with our new investors as it gives us a foothold into the largest and exciting economies of the world. We will continue to drive on our mission to empower SMEs by providing them with the tools to grow their business.”
Wallex is a B2B-focused FX engine that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet.
Also Read: Singapore cross-border payments startup Wallex raises Pre-Series A funding from BEENEXT
It consists of a team of more than 75 employees with deep domain experience. The company confirmed that it has already achieved US$1 billion of annualised GTV and has secured a money transfer license in Hong Kong in December 2019.
Jody Ong, CEO & Co-Founder, said, “Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform.”
Prior to this funding, Wallex raised a Pre-Series A funding led by BEENEXT in October 2018.
Other participating investors in the previous rounds included Central Capital Ventura (fintech investment arm of Bank Central Asia) and Indonusa Dwitama.
–
Image Credit: Christine Roy on Unsplash
The post Wallex Technologies nabs Series A funding led by BAce Capital, SMDV, Skystar Capital appeared first on e27.