Singapore-based currency trader M-DAQ secures backing from Samsung for its Pre-Series D round

Samsung Venture Investment Corporation, Samsung’s venture capital arm, has announced that it is supporting M-DAQ, the Singaporean cross-country currency trader, as the startup is looking to raise a Pre-Series D round.

The support also means that that Samsung and M-DAQ will work together as the latter rolls out it cross-border solutions in Korea.

In a statement, M-DAQ stated, “Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well. We are looking forward to supporting the Samsung Group’s diverse and international businesses with increased FX management capabilities. Samsung’s investment is a clear statement of belief in our vision and solutions and we are grateful for their continued support as we continue to expand into new markets and business verticals.”

Following the announcement, Bloomberg reported that M-DAQ’s valuation will exceed $368m once the round is completed, up from $183.69m in 2015.

The news comes as Singapore has taken several steps to bolster its FinTech sector, from announcing that it would give five more companies digital banking licences to unveiling a sandbox option.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.