Proxtera Raises Seed Funding From Ant Group, CerraCap Ventures, and EDBI

Proxtera Raises Seed Funding From Ant Group, CerraCap Ventures, and EDBI

by March 20, 2023

Proxtera announced the first close of its seed funding round by Ant Group, CerraCap Ventures, and EDBI. Details of the fundraise was not disclosed.

The funding will be used as working capital to further develop the company’s digital cross-border trade and financial services enabled by trusted credentials.

The firm is looking to develop and release more digital products to cover the end-to-end digital trade journey for a B2B trade.

Proxtera is the operationalisation of the Business sans Borders initiative led by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA).

The company has so far launched the SME Financial Empowerment programme for digital financial literacy, the Emerging Markets Currency Exchange (EMCX) to help SMEs find competitive forex rates for illiquid currencies as well as the Ghana Integrated Financial Corridor (GIFE).

Saurav Bhattacharyya

Saurav Bhattacharyya

Saurav Bhattacharyya, CEO of Proxtera said,

“We are excited to have the support of investors who share our vision and have chosen to invest in our growth. This funding will allow us to bring our product to more Singapore businesses, spread to select global markets, expand our bench of talented individuals and make a positive impact to MSMEs in the world of cross-border trade and finance.”

Damien Pang

Damien Pang

Damien Pang, Deputy Chief Fintech Officer, Fintech Infrastructure Office & Fintech Ecosystem Office, Monetary Authority of Singapore said,

“These partners bring good synergies of global investor expertise in high-growth strategic industries with digital financial services and platform expertise. We look forward to enabling SMEs to have greater access to finance, fintech, payments and other relevant services that support businesses, employment and local economic development.”