Singapore-based fintech firm 4xLabs, that develops solutions for money services businesses and travellers in the cash exchange market, announced that it has raised an additional USD$1.5 million in pre-series A funding round.
According to the official release, the funding round saw follow-up investments from Dymon Asia Ventures, as well as participation from new investors such as Malaysia-based OSK Ventures International.
“We are delighted to have a clear mandate from investors who believe in the potential and sustainability of our business model, and strategic plans for the region. This fresh round of funding will enable us to execute fully on our vision in terms of product development and global growth of our sales operations, to cement our position as a leader in providing innovative solutions to the challenges faced by the global cash exchange market,” Chris Vanden Berghe, CEO of 4xLabs said.
4xLabs initially developed an aggregation platform for travellers to search for cash exchange rates being offered by money services businesses in various cities, after which, 4xLabs began to look into developing a B2B solution for money changers in 2015, to fill an existing market gap that solutions back then could not address.
“The cash FX market is a growth market, and we believe in the relevance of providing technology to the 100,000 money changers globally that create liquidity in these markets”, Christiaan Kaptein, Principal at Dymon Asia Ventures, stated. “4xLabs is the leading provider of technology to the money changing industry and we are excited to continue to support the company as they continue to scale.”
