It had launched in Singapore in 2012.
The app helps in providing a greater transparency to foreign exchange market, and was the first app giving live rates from money changing outlets nearby, not the mid-market rates offered by banks.
“We are providing transparency into this industry and solving the problem at the root, by allowing users to enjoy cost savings through get4x. Every time the customer changes their cash at airport, or worse, uses their credit card or ATM overseas, they are paying an extra surcharge of up to 15 per cent,” French entrepreneur and 4xLabs’ founder and CEO Julien Labruyere told DEALSTREETASIA.
As a frequent traveller, Labruyere said he always searched for a solution to find the best currency exchange rates nearby or at least know if the usual money changer is quoting him a decent rate or not.
“I tried to find a tool that could compare money changers’ rates in real time on a smartphone and online, in the same way that many people compare prices of air tickets via Skyscanner and accommodation deals via Agoda. Surprisingly, there were none and that is how get4x was born.”
Before the latest launches in three new cities, it redesigned the user interface and introduced new features which include city maps allowing users to compare the rates from money changer outlets across the city at a glance.
4xLabs is backed by a fintech-focussed VC fund, Dymon Asia Ventures.
Labruyere said that the company is expected to close a new round of funding in the next few months and it will be used to scale up its operations and support its expansion into more cities. However, the funding amount is not disclosed.
“The market for this app is huge. In Asia Pacific alone, there are more than 10,000 money changers. Coupled with the fact that tourists spent $360 billion across Asia in 2014, we are set up for success,” the CEO added.
In the next few weeks, it will be rolling out a “Request to Book” feature in get4x that will allow users to lock in rates that they see in real time with their preferred money changing outlet. In this case, they can be sure that there will be enough supply of the foreign currency they want to change.