Brief: Singaporean money transfer startup gets $4.5m funding and enters new markets

Photo credit: sculder1909 / 123RF Stock Photo.

Singaporean fintech startup SingX launched in January this year, offering cross-border fund transfers from Singapore to India.

Competitors: TransferWise, Instarem, Airwallex, Marco Polee, Toast, others

How it compares to competitors: SingX claims its platform is cheaper, allowing users to save as much as 90 percent in remittance charges when they transfer funds overseas. SingX argues that it can give customers added peace of mind by guaranteeing their money is kept in a segregated client account, in accordance with its status as a regulated payment services provider licensed by the Monetary Authority of Singapore.

Traction

SingX now offers online remittances from Singapore to Hong Kong, India, and Malaysia. Based on its current monthly run rate, the platform has a projected annualized run rate of US$100 million.

Funding details

Amount raised: US$4.5 million
Funding stage: Pre-series A
Investors: Unnamed senior bankers and high net worth individuals from Singapore and Hong Kong
Investment type: Equity
Purpose: Expansion to new markets
Total disclosed funding to date: US$7 million