Earlier this year in April, get4x initiated its expansion drive, launching in Bangkok, Hong Kong and Mumbai. The app — available both on iOS and Android — was first rolled out in 2012, offering users the ability to compare foreign currency exchange rates between different money changers in selected cities all on one platform.
In addition, get4x allows users to filter down to top 5 money changers with the best exchange rates, as well as order currency beforehand so they can get their preferred rates before heading down to the money changer.
“Given the way the pound is falling sharply after Brexit, we see Get4x as a quick way for people to check on the pound rates online without having to go to the physical outlets to see if the money changers now have a better rate,” said Angela Cheong, CMO of 4xLabs, in an email to e27
“Although people were rushing to the money changer outlets immediately after news broke about the pound falling, many money changers had not updated their rates or simply refused to sell the pound as they had traded it at a far higher rate and would incur losses. Calling the money changers via Get4x to confirm the rates would be a far more convenient solution,” she added.
In the same email, she also provided a heatmap (attached below) showing the rates of all the money changers in Singapore (red indicates a more expensive area).
Besides its currency exchange rate aggregator, 4xLabs also has another product called Biz4x, which is a SaaS platform to help money changers manage their businesses. It includes tools such as compliance service, live FX rates and the ability to list their exchange rates on the Get4x app.
4xLabs claims that 30 per cent of money changers in Singapore are already on a paid Biz4x subscription.
Image Credit: 4xlabs