SG fintech startup M-DAQ acquires payments firm Wallex

SG fintech startup M-DAQ acquires payments firm Wallex

Singapore. Photo by Devansh Bhikajee on Unsplash

M-DAQ, a Singapore-headquartered financial technology (fintech) services firm backed by Jack Ma’s Ant Group, announced that it has agreed to acquire B2B cross border payments provider Wallex Technologies for an undisclosed amount.

In addition to the amount paid for the acquisition, M-DAQ, founded in 2010 by Richard Koh, will also inject over $5.2 million of working capital into Wallex, a portfolio company of BAce Capital, an Ant Financial-backed fund.

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