SG digital wallet raises $1.4m in fresh funds

Singapore-based HolyWally, a digital wallet platform, has raised US$1.4 million in a funding round led by fintech firm M-Daq, with participation from Finmirai and Creitive.

Photo credit: HolyWally

HolyWally is a white-label solution that offers digital wallets for banks, fintech firms, and retailers. It has a no-code approach to building wallets, making it relatively easy to deploy.

The platform allows users’ wallets to facilitate foreign exchange remittances, rewards, customer engagement, ecommerce, expense management, and payroll and insurance.

The company was founded by Veljko Vasic, co-founder of Creitive, in 2021. HolyWally will use the fresh funds for talent acquisition and commercializing its platform.

“Our goal is to enable anyone to launch a digital wallet in matter of weeks, and scale it in matter of months,” Vasic said.

The fundraise comes amid a surge in fintech investments in Southeast Asia, where the figure hit a record high of US$3.5 billion within the first nine months of 2021. Strong interest in late-stage fintech firms, which secured 10 out of 13 mega rounds this year, drove the rise in investments.

See also: Should Singapore’s e-wallets be threatened by Google Pay?