MORE FROM KrASIA

Singapore fintech firm Wallex raises Series A funding

The funding for the FX platform was led by Ant Financial backed-BAce Capital, SMDV, and Skystar Capital.

Stock exchange market trading graph over the screen of computer laptop on wood table over the photo blurred of trading graph background, business marketing trade concept

Singapore-headquartered Wallex Technologies announced on Wednesday that it has closed its Series A funding round led by Ant Financial-backed BAce Capital, SMDV, and Skystar Capital, with participation from existing investors.

The company said it will utilize the funding to expand into new markets. No financial details were disclosed.

Founded by Jody Ong and Hiroyuki Kiga, Wallex is a B2B-focused FX engine that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet. The company said it grows 20% month-on-month, and is rapidly scaling its footprint in Asian markets where 52% of trading is done. It achieved USD 1 billion of annualized GTV and has secured a money transfer license in Hong Kong in December 2019, according to an official statement.

“Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets,” said CEO Jody Ong. “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.” She added that the company will continue with its hiring plans and work on partnerships to further expand the business.

Wallex raised its pre-Series A funding from Beenext in 2018, and launched in Indonesia in the same year, after obtaining a fund transfer license from Bank Indonesia.