Singaporean fintech startup Koku announced today that it has raked in USD 2 million in a pre-Series A financing round, which was led by Jason Zeng Liqing, the co-founder of Tencent Holdings and the founder of China-based angel investment company Decent Capital.
These new funds will boost Koku’s capabilities in product development, and fuel its expansion in Southeast Asia. The company is exploring potential ways in which new technologies like AI can be used to enable non-bank remittance services and liquidity provision more efficiently.
Koku was founded in 2016 with the goal of bringing costs down for remittance processes. It is looking to introduce its services in Indonesia, Vietnam, Myanmar, and Cambodia.
If all goes to plan, the company will increase its daily transaction volume from USD 10 million to USD 30 million within the next six months, and hike its staff size by 30%.
Editor: Brady Ng