(9 June 2020 – Singapore) Wallex Technologies, a Singapore-based start-up serving the cross-border payment needs of small and medium-sized enterprises (SMEs), announced that it has closed its Series A funding led by Ant Financial-backed venture firm Bace Capital, Indonesian venture firms SMDV and Skystar Capital.
Existing investors also took part in the round. The fresh funding will be used to expand into new markets and enhance its core offerings.
Founded in 2015, Wallex is a business-to-business (B2B) focused foreign exchange platform that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet. The start-up has regulatory licences in Singapore, Indonesia and Hong Kong.
“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,” CEO and co-founder Jody Ong said.