Singapore fintech bet M-Daq gets Samsung backing at a $368m valuation

Singapore-based fintech startup M-Daq announced that Samsung Venture Investment Corporation has joined a group of investors its pre-series D round.

The M-Daq team / Photo credit: M-Daq

Samsung’s investment is set to push the company past a pre-money valuation of more than S$500 million (US$368 million) from S$250 million (US$184 million) in November 2015, according to a Bloomberg report, citing M-Daq CEO Richard Koh. The company, however, did not disclose the exact amount of Samsung’s investment.

Samsung was joined by NTT Communications, the information and communications technology solutions business within Japan’s NTT Group, which said it had made an investment in M-Daq to launch foreign exchange information and transaction data service Home Currency Anywhere around the end of the month.

Founded in 2010, M-Daq provides a platform to facilitate cross-border business for a variety of industries using proprietary data technology and support from global foreign exchange providers. It works with companies such as Taobao, AliExpress, TMall, CGS-CIMB, and CYS Global Remit, according to its website.

“Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well,” M-Daq said in a statement. With the investment, both Samsung and M-Daq will be working together on the roll-out of the Singaporean company’s cross-border solutions in the East Asian country.

In addition, M-Daq plans to reinforce its cross-border foreign exchange solutions for Asian countries.

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Prior to the pre-series D round, M-Daq bagged US$82 million in series C money in late 2017. Existing investor EDBI and a new strategic investor, which was reported to be Alibaba affiliate Ant Financial, participated in the round.

Other investors in the company include GSR Ventures and Vickers Venture.

Samsung Venture is an investment arm of Samsung Group, investing in companies focused on semiconductors, IT, software, internet services, biotechnology, content, and more.

The company recently led a US$7 million series A round for Singapore-based HR services platform Swingvy, one of its latest investments in the region.