Singapore-based LALA World has reportedly closed a $2m Series A funding round, from an undisclosed group of investors.
The funding round comes after the company announced it is to launch a pre-ICO later in the month, according to an article by e27. The initial token sale will last from the 15th November until the 5th December.
LALA World is a crypto wallet designed to help migrants and underbanked families. The P2P platform changes the way individuals, small businesses and micro-entrepreneurs transact, make payments and borrow money. Users have access to global transfers, local and international bill payment, global P2P lending via cryptocurrency, insurance and a crypto/fiat card.
LALA World is set to announce a new partnership soon, the article states.
Last month there were several crypto-wallet’s that raised capital, with Abra securing $16m in its Series B. The company is a smartphone-based token wallet that enables users to buy, sell, store and send bitcoins. The same week saw mobile wallet Change end its ICO on $17.5m, which is currently in beta but allows users to store and send crypto.
The Singapore FinTech sector has seen a flurry of activity in recent weeks. Data and analytics company Smartkarma landed a Series B from Sequoia India earlier this week, while investment platform AlgoMerchant netted a $2m round last week.
Over a quarter of Singapore’s funding has gone to payments and remittances-focused companies, with WealthTech taking the next largest stake of equity. Singapore is already in a record year of investments for the whole FinTech sector, after a very strong Q2.
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