Wallex Technologies, a fintech startup based out of Singapore, has announced that it has closed its pre-Series A funding round, without disclosing the amount raised. The round was led by BEENEXT, along with the participation of Central Capital Ventura and Indonusa Dwitama.
The newly raised capital will be used by the company to further develop its product features and offerings to better serve the region’s SMEs and expand their market reach in the region. Wallex co-founder Hiroyuki Kiga said:
As the world becomes more globalized, the need for FX management increases especially for Southeast Asia where FX volatility can easily affect bottom line. We are here to provide tech-based solutions to cater for SMEs and to the new generation of companies who demand deeper technical integration.
The company develops an online cash management platform, focused on serving SMEs in Southeast Asia. It offers solutions such as virtual accounts, a multi-currency wallet, FX conversions, cross-border payments, and an API with real time FX execution capability.
It aims at empowering Southeast Asia’s SMEs, which are expected to contribute massively to the region’s internet economy, which according to predictions by Google and Temasek, will grow to a market of $200 billion by 2025.
Wallex’s previous investors include 500 Startups, KDV Capital, and Amand Ventures. The company will be looking to raise its Series A round towards the end of 2019.