Remittance

Cross Border Payments Startup Wallex Technologies Receives Funding Ant Financial Backed Fund

Wallex Technologies, a fintech startup headquartered in Singapore focused on serving FX and cross border payment needs of SMEs, announced that it closed its Series A funding led by BAce Capital, SMDV and Skystar Capital. Existing investors also participated in the funding.

BAce Capital is an Ant Financial-backed fund dedicated to investing in early-stage companies in emerging economies, focusing on India and Southeast Asia.

The new funds will be directed towards scaling its footprint in new, existing markets and enhancing the core products.

Wallex claims to grow 20% per month and to rapidly scaling its footprint in Asian markets where 52% of trade is within the region. With a team of 75+ employees backed by deep domain experience, the firm said has already achieved US$ 1 Billion of annualized GTV in a relatively short span of time. The company has also secured a money transfer license in Hong Kong in December 2019.

Mulyono

Mulyono, Managing Director at BAce Capital, said,

“Wallex uses technology to make cross border payments easier, faster and more convenient for SMEs. We do see the importance of digital payments post COVID-19 to enable more SMEs to participate in the economic revival process. We believe Wallex has great potential to become a digital payment and wallet solution for this underserved segment.”

Jody Ong

Jody Ong, CEO & Co-Founder, said,

“Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform. We will also continue with our hiring plans and will work on partnerships to further expand our business.”