Wallex Technologies Remittance Startup Secures Series A Funding
Funding was received from BAce Capital, SMDV, and Skystar with undisclosed value
Prayogo Ryza - 10 June 2020
Wallex Technologies announces Series A Funding with undisclosed value. The Singapore-based financial technology startup received investment from BAce Capital, SMDV, and Skystar Capital. Participated also some investors from the previous round.
The recent funding is to be used by Wallex to expand its business scale in a number of new markets, as well as to maintain the current products.
“We are excited to partner with new investors, and get their support in some of the largest and most attractive economies in the world. We will continue with Wallex’s mission to empower SMEs by providing various tools to grow their businesses,” Wallex’s Co-founder & COO, Hiroyuki Kiga said.
Wallex, offering its service as an online remittance platform provider, announced its presence in Indonesia after obtaining a license from Bank Indonesia in late 2018. As a business, Wallex is quite confident in their business journey and performance. They claim to grow 20% every month.
“Wallex utilizes technology that facilitates, accelerates, and simplifies cross-border payments for SMEs. We pay close attention to the importance of digital payments after Covid-19 pandemi, therefore, SMEs can be part of economic recovery. We believe that Wallex has the potential to become a payment solution and digital wallet for the segment which is yet to use the service,” BAce Capital’s Managing Director, Mulyono said.
In Indonesia, online remittance services are a manifestation of the development of the financial technology industry. Some players have started running online remittance services in Indonesia. Those are Nium, Zendomoney, OY!, Transfez, and RemitPro.
One of Wallex’s plans with the fresh money is new services and upgrades of existing products. Wallex’s Co-founder & CEO, Jody Ong explained that they would soon be offering new services such as virtual receivable accounts and digital wallets with currency options in certain countries.
“This funding will help us develop the latest features for SME customers. By doing so, they can manage cash flow and protect themselves from foreign exchange risk on a single platform. We also continue to recruit workers and establish partnerships to expand the business,” Jody added.
Wallex is currently focusing on the B2B segment. To date, they received payments in more than 40 currencies. Regarding regulations, Wallex is currently regulated under the Monetary Authority of Singapore as the Main Payment Institution, Bank Indonesia, and the Hong Kong Custom and Excise Department.
Original article is in Indonesian, translated by Kristin Siagian