Fintech startup Wallex raises Series A funding from BAce Capital, SMDV, Skystar

WALLEX Technologies, a Singapore-based startup serving the cross-border payment needs of small and medium-sized enterprises (SMEs), has raised an undisclosed amount in Series A funding led by Ant Financial-backed venture firm BAce Capital, as well as Indonesian venture firms SMDV and Skystar Capital. 

Existing investors also took part in the round, Wallex said in a statement on Wednesday. The startup previously raised pre-Series A funding from Singapore-based Beenext and Indonesia's Central Capital Ventura and Indonusa Dwitama. Its earlier seed investor was Singapore-based Amand Ventures.

Wallex will use the fresh funds to expand into new markets and invest in its core products, said its co-founder and chief operating officer Hiroyuki Kiga. Founded in 2015, the startup has regulatory licences in Singapore, Indonesia and Hong Kong. It has a headcount of about 75 employees. 

Chief executive and co-founder Jody Ong added that the startup is eyeing services such as virtual receivable accounts and multi-currency wallets.  

She said: "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."

Mulyono, managing director at BAce Capital, said: "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."