Singapore-based financial risk management platform Jewel Paymentech today announced that it has raised an undisclosed Series A+ funding round led by the Singapore subsidiary of TYO-listed GMO Payment Gateway (GMO-PG).
The startup’s existing investor Tuas Capital Partners also participated in the current round.
In a press statement, Jewel Paymentech explained that they will use the funding to support its marketing expansion plan. As part of the investment from GMO-PG, it will also form a partnership to launch Jewel products in the Japan market.
The startup also cited plan to use the funding to support product development, particularly on the use of artificial intelligence (AI) technologies to facilitate the cash to cashless conversion.
Founded in 2014, Jewel Paymentech develops intelligent risk solutions for the banking and electronic payments industry.
The startup provides a complete suite of intelligent solutions to solve gaps in e-payment acceptance such as instant on-boarding, merchant due diligence, transaction laundering, counterfeit and illegal product management as well as transaction fraud management using predictive analytics.
In addition to its headquarter in Singapore, Jewel Paymentech also has offices in Malaysia and Hong Kong.
In June 2016, it has been accepted to participate in the Wells Fargo Startup Accelerator and as part of the programme has received an undisclosed investment from the bank.
The investment closed the US$1 million Series A funding round led by Tuas Capital Partners in January.