Singapore’s tech startup 4xLabs expands, launches forex comparison app in three other Asian cities

Image from 4xLabs.

Singapore-based tech startup 4xLabs has ventured overseas with its foreign exchange comparison app get4x, expanding operations to Bangkok, Hong Kong and Mumbai yesterday.

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.

Also read:

India: Ride hailing service Ola forays into mobile payments with Ola Money app

Malaysia: MoneyMatch raises $150k seed from Australia’s Kosciuszko for forex platform

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.