Remittance firm SingX has raised $4.5 million in a pre-Series A round while Y Ventures Group has launched a joint venture firm.
SingX raises $4.5m pre-Series A
Remittance firm SingX has closed a $4.5 million ($6.3 million) in a pre-Series A round and expanded its online remittance services to Malaysia and Hong Kong. Backers in this round include senior bankers and high net worth individuals from Singapore and Hong Kong.
The company launched its first product in January facilitating cross-border fund transfers from Singapore to India. Based on its current monthly run rate after six months of operations, SingX could achieve an annualised run rate of $100 million.
Atul Garg, SingX’s Principal Founder and CEO says, “SingX’s mission is to continue to make finance simpler and cheaper for individuals and small and medium-sized businesses. The latest funding from our investors will help us scale up our business faster, expand to new geographies and to develop a number of other products to meet the global cross-border payment needs of Singaporeans and their companies.”
Y Ventures Group launches JV with leather brand Toscano
Y Ventures Group, a data analytics driven e-commerce retailer and distributor recently listed on the Singapoe Exchange (SGX), has formed a joint venture (JV) with Toscano Pte. Ltd. for the marketing, distribution and online retail of men’s leather accessories under an online-only private label line, Faire Leather Co.
Faire Pte Ltd will be overseen by Joseph Lor, the chief executive of Toscano Pte. Ltd. The split of the initial shareholdings in the JV would be 51 per cent and 49 per cent between Y Ventures Group and Toscano respectively.
Y Ventures will help steer the direction and operations of the JV firm through the provision of core actionable data insights, while Toscano will be responsible for the design, branding, procurement of raw materials and production.