Singapore fintech startup Wallex raises pre-Series A round led by BEENEXT

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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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.