Cross-border payments Wallex has reportedly raised a pre-Series A funding round, for an undisclosed amount.
Beenext led the investment, which also saw contributions come from Central Capital Ventura and Indonusa Dwitama, according to a report by e27.
Singapore-based Wallex is a cross-border payments company which enables consumers to convert and hold balances in multiple currencies. Through the platform, users can accelerate international payments, manage all transactions digitally, and schedule recurring payments.
The solution only charges a ‘small’ processing fee, and is overseen by the Monetary Authority of Singapore.
It works by a user providing Wallex with an invoice and indicate where it is to be paid. The sender can lock in a conversion rate for up to four hours, the money will then be transferred to Wallex’s local bank accounts to fund the transaction.
This capital injection will be used by the company to strengthen the features and offerings on its platform, it said. Wallex is also looking to expand its reach across Asia, with a focus on Singapore.
The company is allegedly looking to raise a Series A in the near future.
Last week, KKR and Tencent Holdings acquired a minority stake in the FinTech innovation arm of telecommunications and digital services provider PLDT. The investment into Singapore-based Voyager Innovations was valued at $175m.
Singapore’s FinTech sector is on route for a record year, with 838.1m being invested in the first half of 2018, according to data by FinTech Global. Over the course of first six months of 2018, the country has seen 85.2 per cent of the total capital which was invested in the whole of last year.
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