FX fintech Wallex lands Series A led by Ant Financial-backed VC

Written by Ruby Hinchliffe
15th June 2020

Wallex Technologies, a Singapore-based fintech which offers businesses the ability to hold multi-currency wallets, send and accept international payments, and exchange currency, has landed an undisclosed Series A funding round.

The fintech is licensed by Indonesia’s and Singapore’s financial regulators

The round was led by BAce Capital, alongside Indonesian venture capital firms SMDV and Skystar Capital.

Existing investors also participated in the round, including Central Capital Ventura, which joined the start-up’s October 2018 pre-Series A round, alongside Indonusa Dwitama, and BEENEXT.

Wallex’s multi-currency wallets can convert, store and pay more than 40 currencies. The fintech told Tech in Asia it will use the fresh capital to expand on its current FX product range, and is looking to scale its operations in new market Hong Kong, as well as reaffirm its presence in existing markets of Singapore and Indonesia.

“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,” Wallex’s CEO and co-founder Jody Ong said in a statement.

Founded in 2015, Wallex, a team of 75, is a business-to-business (B2B) platform providing small and medium-sized enterprises (SMEs) with foreign exchange (FX) and cross-border payment services.

The fintech is licensed as a remittance company under the regulation of Bank Indonesia, and as a remittance business by the Monetary Authority of Singapore (MAS). It claims to have achieved an annualised gross transaction value of $1 billion.