Singapore-based 4xLabs, a fintech developer for cash exchange service, has secured an additional $1.5 million in funding jointly led by Singapore-based fintech-focussed venture capital firm Dymon Asia Ventures and Malaysia-based OSK Ventures International.
The company was founded in 2011 and secured the backing of Dymon Asia Ventures. It initially focussed on developing an aggregation platform for travellers to search for the best cash exchange rates, offered by money services businesses in various cities.
“The cash FX market is a growth market, and we believe in the relevance of providing technology to the 100,000 money changers globally that create liquidity in these markets”, Christiaan Kaptein, Principal at Dymon Asia Ventures, said. “4xLabs is the leading provider of technology to the money changing industry and we are excited to continue to support the company as they continue to scale.”
It has launched the first platform known as Get4x to provide the currency exchange rates for travellers. Due to the growth of users and money changers registered on Get4x, it has developed an integrated SaaS-based platform called Biz4x as a business-to-business solution for money changers in 2015.
It claimed that around 40 per cent of the money changers in Singapore became paying subscribers within a year since it was launched.
Chris Vanden Berghe, CEO of 4xLabs, said that the fresh round of funding will be used for product development and global growth of its sales operations.
Get4x recently launched its cash aggregation services in 5 new cities including Dubai, Jakarta, Johor, Macau and Sydney, adding to eight existing markets include Bali, Bangkok, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore and Mumbai. Meanwhile, Biz4x is currently used by hundreds of money changers in more than 10 countries worldwide.