Currency exchange software startup 4xLabs has raised $1.5m in a pre-Series A round. Dymon Asia Ventures led the investment with participation from Malaysia-based OSK Ventures International.
The Singapore-based company launched in 2011 as a cash exchange rates aggregation platform for travellers before it began developing a B2B solution in 2015.
4xlab’s key product is now it Biz4x SaaS platform for money changers. The service offers live FX rates, a compliance database and a point-of-sale system for customer management.
The service currently operates across Asia and recently expanded to Dubai, Jakarta, Johor, Macau and Sydney to bring its total number of cities it is in to 13.
Company CEO Chris Vanden Berghe said: “We are delighted to have a clear mandate from investors who believe in the potential and sustainability of our business model, and strategic plans for the region.
“This fresh round of funding will enable us to execute fully on our vision in terms of product development and global growth of our sales operations, to cement our position as a leader in providing innovative solutions to the challenges faced by the global cash exchange market.”
Dymon Asia Ventures principal Christiaan Kaptein said: “The cash FX market is a growth market, and we believe in the relevance of providing technology to the 100,000 money changers globally that create liquidity in these markets.”
“4xLabs is the leading provider of technology to the money changing industry and we are excited to continue to support the company as they continue to scale.”
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