M-DAQ receives $147m investment from private equity firm

M-DAQ, a Singapore-based currency tracer, has received a SGD 200m ($147m) investment from Asia-dedicated private equity firm Affinity Equity Partners.

As part of the investment, Affinity will join the M-DAQ board with a joint controlling stake.

By working together, M-DAQ hopes to increase its market position as a foreign exchange specialist. The capital injection will help it develop more product offerings and expand its customer base.

M-DAQ claims its FX solutions process more than SGD 10bn ($7.3bn) in cross border transactions annually.

The FinTech company builds over-the-top applications which help businesses access cross-border payments. One of its most popular services is Aladdin, which enables customers on e-commerce platforms to buy in their home currency, while merchants receive payment in their preferred currency.

Affinity managing director and head of Southeast Asia Benny Lim said, ?We are excited at the opportunity of partnering with M-DAQ management to unlock the vast potential of this top tier global FinTech company and support its ambitious growth plans.

?We are also immediately seeking synergistic areas of collaboration with our existing portfolio companies which are leading players in their respective countries or sectors.p>

The FinTech company previously closed a pre-Series D round back in 2019, but it is unclear how much capital it raised. The funds were supplied by Samsung Venture Investment Corporation.

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