Singapore-headquartered financial technology services firm M-DAQ on Friday announced an investment of nearly S$200 million ($147.3 million) from Asian private equity firm Affinity Equity Partners in a Series D round.
Affinity will gain a joint controlling stake in M-DAQ along with its management and employees, and get a board seat, per a company statement. The transaction marks Affinity’s first technology investment in Southeast Asia.
Founded in 2010 by Richard Koh, M-DAQ provides specialised technology-enabled financial services to enterprise customers and other downstream fintech companies. Its proprietary FX solutions process over S$10 billion in cross border transactions annually.
One of its most products, Aladdin, allows customers on e-commerce platforms to shop in their home currency while allowing merchants to receive payment in their preferred currency. The firm has been net profitable since the beginning of 2018.
The fresh funding will support M-DAQ’s global expansion, the startup said in a press statement.
The funding is a combination of primary and secondary transactions, per a regulatory filing accessed by DealStreetAsia – DATA VANTAGE.
