The company is focused on serving the foreign exchange and cross-border payment needs of small and medium-sized enterprises.
Singapore-based fintech startup Wallex has announced the close of its series A funding round, led by Ant Financial-backed BAce Capital, SMDV and Skystar Capital, which invested an undisclosed amount, according to a press release on Wednesday.
Wallex is a B2B FX engine that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet. The platform has recorded 20 percent monthly growth, according to the company.
«Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. 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,» Jody Ong, CEO and co-founder, said in the announcement.
Asia Expansion
The funds raised will also be used to grow its reach in existing and new markets, particularly in Asia, where 52 percent of trade is within the region, the announcement said. It will also grow its teams and work on partnerships to further expand its business.
Wallex holds money transfer licenses in Singapore, Hong Kong and Indonesia.
