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Singapore-based fintech Wallex secures funding for expansion

Wallex funding
The startup will also use the funds to enhance its core offerings

Singapore-based fintech startup Wallex has secured an undisclosed amount in its Series A funding round, the media reported.

The funding round for Wallex was led by BAce Capital, SMDV and Skystar Capital.

Wallex is a cross-border payment and forex platform that allows customers to convert and pay in over 40 currencies and also provide wallet services.

Wallex will use the funds to scale up its operation in its existing markets and expand in new ones. Reportedly, the startup will also use the funds to enhance its core offerings.

Chief executive and co-founder of Wallex Jody Ong told the media, “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.”

With regard to the investment in Wallex, Mulyono Xu, Managing Director at BAce Capital told the media, “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.”

The startup raised an undisclosed amount in its Pre-Series A  funding round in 2018, led by BEENEXT.

Other participating investors include Central Capital Ventura, the fintech investment arm of Bank Central Asia and Indonusa Dwitama. Wallex’s previous investors include 500 Startups, KDV Capital, and Amand Ventures.

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