Singapore-based 4xLabs, a fintech startup that develops solutions for money changers, has secured US$1.5 million in pre-Series A round of funding from Dymon Asia Ventures and Malaysia-based OSK Ventures International.
“This fresh round of funding will enable us to execute fully on our vision in terms of product development and global growth of our sales operations, to cement our position as a leader in providing innovative solutions to the challenges faced by the global cash exchange market,” said Chris Vanden Berghe, CEO of 4xLabs.
Founded in 2011, 4xLabs provides a one-stop suite of services for money changers, called Biz4x, that helps them improve their top-line by helping them acquire new business, optimise their price setting, and scale their business. It also helps them grow bottom-line by improving efficiency, managing cost of stock, and facilitating compliance risk management. Through Biz4x, money changers can list their business and cash exchange rates on a directory called Get4x to access new customers.
With Get4x, travellers can search for licensed money changers offering the best rates nearby for greater transparency, convenience, and security. As a cloud-based platform, updates can be rolled out to the money changers every few weeks. Biz4x is connected to Get4x, so money services businesses can set their ‘buy’ and ‘sell’ rates online as part of the customer acquisition component of the overall solution.
Get4x recently launched its cash aggregation services in four new cities: Dubai, Jakarta, Johor, Macau and Sydney, bringing the total number of cities it is in to 13. Existing markets include Bali, Bangkok, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore and Mumbai.
“The cash foreign exchange (FX) market is a growth market, and we believe in the relevance of providing technology to the 100,000 money changers globally that create liquidity in these markets,” said Christiaan Kaptein, Principal at Dymon Asia Ventures. “4xLabs is the leading provider of technology to the money changing industry and we are excited to continue to support the company as they continue to scale.”
Patrick Yee, Executive Director of OSK Ventures, added: “4xLabs’ focus on accelerating the fintech adoption by the foreign exchange community regionally stood out as it redefines the interactions among money changers and the end consumers. We believe that 4xLabs’ suite of products has the right elements to address the dynamic money changing landscape and diverse needs of the many stakeholders in the value chain regionally.”
Biz4x is currently used by hundreds of money changers in more than 10 countries worldwide.
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