Singapore-based FX and cross-border payments startup Wallex Technologies has raised funding in a Pre-Series A led by BEENEXT. The investment amount was not disclosed.
Other participating investors include Central Capital Ventura (fintech investment arm of Bank Central Asia) and Indonusa Dwitama.
The company will use the newly-raised funding its product features and offerings to better serve the region’s SMEs and expand their market reach in the region. It will also expand its market share in Singapore as it looks to raise a Series A round in the near future.
Wallex offers a range of online cash management solutions including virtual accounts (for collections and disbursements), a multi-currency wallet, FX conversions, cross-border payments, and an API with real-time FX execution capability.
These tools allow SMEs to manage cash and hedge their FX risk easily through a single platform.
Beyond catering to SMEs via its online platform, Wallex has also been integrated with several e-commerce and online platforms via its FX API, enabling them to offer out multi-currency pricing to customers across the region with reduced FX risks. It charges a flat percentage-based processing fee based on the currencies customers choose to make payments in.
Wallex’s multi-currency wallet holds over 30 currencies including the Indonesian rupiah and Thai baht.
“As the world becomes more globalized, the need for FX management increases especially for Southeast Asia where FX volatility can easily affect a business’ bottom line. We are here to provide tech-based solutions to cater for SMEs and to the new generation of companies who demand deeper technical integration,” said Wallex’s Co-founder and COO, Hiroyuki Kiga.
Wallex’s previous investors include 500 Startups, KDV Capital, and Amand Ventures.
Image Credit: Wallex