Fintech startup Wallex raises series A funding from BAce Capital, others

Wallex Technologies, a Singapore-based fintech startup, today announced that it has secured an undisclosed amount of funding in a series A round led by Ant Financial-backed BAce Capital, SMDV, and Skystar Capital, along with some existing investors.

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Founded in 2015, Wallex is a business-to-business platform that focuses on providing small and medium-sized enterprises with foreign exchange and cross-border payment services. Its users can convert and pay in over 40 currencies, collect money via virtual accounts, and hold funds in a digital wallet.

Wallex plans to use the new capital to focus on building out its capabilities in specialized foreign exchange products and international collections, the company told Tech in Asia. It also looks to scale its operations in Hong Kong, a new market for the startup, as well as in its existing markets of Singapore and Indonesia.

According to a statement, Wallex intends to grow its footprint across Asia, where 52% of global trade happens. With a team of over 75 employees, it claims to have achieved an annualized gross transaction value of US$1 billion. To further expand its business, the firm will continue hiring and developing partnerships as well.

Wallex’s series A round comes as businesses realize the importance of digital payments amid the Covid-19 pandemic. In Asia, the digital payments segment is seeing US$2.5 trillion in total transaction value this year, and it’s expected to reach US$4.5 trillion by 2024, according to Statista.

Prior to its latest funding, Wallex secured pre-series A funding from Beenext, Central Capital Ventura, and Indonusa Dwitama (an early investor in Tokopedia).