Singapore-based CashChanger launches remittance comparison site, eyes series A round

Singapore-based CashChanger, a platform that helps travelers compare actual street rates amongst retail money changers, announced it has launched a remittance comparison service targeted at foreign workers residing in the city-state available from today.

The company, which recently closed its oversubscribed seed funding round with four angel investors, is also looking to add series A investors to scale its business globally.

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CashChanger also said it will add digital payment and transaction support through an app by the first quarter of 2020.

In addition to developing new products, the company plans to enter new markets starting the following year. Earlier in 2019, CashChanger claims to have added 400 locations in Japan on top of Thailand and Malaysia.

“We are grateful to our new partners and investors on board who are backing us for the journey. Just like our lessons and experiences gained from covering hundreds of money changers across the region, we want to bridge the experience and deliver value to CashChanger remit users and help them to save consistently and repeatedly,” said CashChanger general manager Kenneth Goh.

Founded in 2017, the company claims it grew steadily to reach millions of unique users. Since its seed funding round, it has expanded its team, network of partners, and product offerings in a bid to become a top player in digital payments and transactions in money exchange and remittance across Asia.

In Singapore, CashChanger operates in the same space as location-based exchange rate aggregator Get4x, which raised US$1 million in a seed funding round in 2016. It provides live retail rates from exchange outlets directly rather than official rates used by banks. It is live in Bangkok, Hong Kong, Mumbai, Bali, Pattaya, Phuket, and Kuala Lumpur.