Singapore-based fintech startup Wallex Technologies has announced the closing of an undisclosed amount of pre-Series A funding round led by BEENEXT.
Other investors participating in the round are Indonesia’s Central Capital Ventura and Indonusa Dwitama, according to an official release.
Wallex develops an online cash management platform, focused on serving SMEs in Southeast Asia. It offers solutions such as virtual accounts, a multi-currency wallet, FX conversions, cross-border payments, and an API with real time FX execution capability. These tools allow SMEs to manage cash and hedge their forex risk better through a single platform.
The company aims at empowering Southeast Asia’s SMEs, which are expected to contribute massively to the region’s internet economy, which according to predictions by Google and Temasek, will grow to a market of $200 billion by 2025.
With this recent funding, Wallex will further develop its product features and offerings to better serve the region’s SMEs and expand their market reach in the region.
“As the world becomes more globalized, the need for FX management increases especially for Southeast Asia where FX volatility can easily affect bottom line. We are here to provide tech-based solutions to cater for SMEs and to the new generation of companies who demand deeper technical integration,” said Wallex co-founder Hiroyuki Kiga.
Wallex, which raised its seed round from Singapore-based Amand Ventures in 2016, says it will be looking to raise its Series A round towards the end of 2019.