Singapore-based fintech startup Wallex Technologies has raised an undisclosed amount in Series A funding led by BAce Capital, SMDV and Skystar Capital with the participation of existing investors, according to an announcement.
Established in 2015, Wallex is a business-to-business (B2B) focused forex platform that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet. The company claims to have achieved $1 billion in annualised gross transaction value (GTV).
The fresh funding will be used to scale its footprint in new and existing markets and enhance its core offerings.
“This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform. We will also continue with our hiring plans and will work on partnerships to further expand our business,” said Wallex CEO and co-founder Jody Ong.
Wallex, which is regulated by the Monetary Authority of Singapore (MAS) as a payment institution, is rapidly scaling its footprint in Asian markets where 52 per cent of trade is within the region.
“Wallex uses technology to make cross border payments easier, faster and more convenient for SMEs. We do see the importance of digital payments post COVID-19 to enable more SMEs to participate in the economic revival process. We believe Wallex has great potential to become a digital payment and wallet solution for this underserved segment,” said Mulyono Xu, Managing Director at BAce Capital.
BAce Capital is an Ant Financial-backed fund dedicated to investing in early-stage companies in emerging economies, with a focus on China and Southeast Asia.
In 2018, Wallex Technologies bagged an undisclosed amount in a pre-Series A funding round led by BEENEXT. Other investors participating in the round were Indonesia’s Central Capital Ventura and Indonusa Dwitama.
The fintech firm raised its seed funding from Singapore-based Amand Ventures in 2016.