Wallex Technologies receives major Series A funding from BAce Capital amid pandemic
BAce Capital, SMDV and Skystar Capital invest an undisclosed amount into high growth fintech startup Wallex Technologies.
SINGAPORE, June 10, 2020 /PRNewswire/ -- Wallex Technologies, a fintech startup headquartered in Singapore focused on serving FX and cross border payment needs of SMEs, announced that it closed its Series A funding led by BAce Capital, SMDV and Skystar Capital. Existing investors also participated in the funding. The announcement is significant as it comes amid the pandemic and the accompanying economic uncertainty when support for entrepreneurs is challenging to find.
The new funds will be directed towards scaling its footprint in new, existing markets and enhancing the core products. Hiroyuki Kiga,COO and Co-Founder, shared, "We're excited to partner with our new investors as it gives us a foothold into the largest and exciting economies of the world. We will continue to drive on our mission to empower SMEs by providing them with the tools to grow their business."
Wallex, growing 20% month on month, is rapidly scaling its footprint in Asian markets where 52% of trade is within the region. With a team of 75+ employees backed by deep domain experience, the firm has already achieved US$ 1 Bn of annualized GTV in a relatively short span of time. The company has also secured a money transfer license in Hong Kong in December 2019.
Mulyono, Managing Director at BAce Capital, said, "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."
Jody Ong, CEO & Co-Founder, said, "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. We will also continue with our hiring plans and will work on partnerships to further expand our business."
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. Wallex offers seamless transactions with competitive exchange rates and fees, so they can take their money further.
Wallex is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under license no. PS20200433, by Bank Indonesia (BI) under license no 20/235/DKSP/83, and by the Hong Kong Customs and Excise Department under license no. 19-12-02935.
About BAce Capital
BAce Capital, an Ant Financial-backed fund dedicated to investing in early-stage companies in emerging economies, focusing on India and Southeast Asia, helps technology companies to grow through its knowledge and resources across China, India and SEA.
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