Singapore based Wallex Technologies has announced that it has closed its Series A funding round led by Ant Financial-backed early-stage fund BAce Capital, as well as SMDV and Skystar Capital. Existing Wallex investors also participated in the funding.

The size of the round was not disclosed.

Wallex is a fintech startup focused on serving FX and cross border payment needs of SMEs. The company has developed a B2B focused  FX engine that allows customers to convert and pay in over 40 currencies, collect via virtual accounts, and hold funds in a wallet. Wallex is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution, by Bank Indonesia, and by the Hong Kong Customs and Excise Department.

The company said that the new funds will be directed towards scaling its footprint in new, existing markets and enhancing the core products. Hiroyuki Kiga, COO and Co-Founder, shared,

“We’re excited to partner with our new investors as it gives us a foothold into the largest and exciting economies of the world. We will continue to drive on our mission to empower SMEs by providing them with the tools to grow their business.”

Wallex revealed that it is growing 20% month on month, while rapidly scaling its footprint in Asian markets where 52% of trade is within the region. With a team of 75+ employees backed by deep domain experience, the firm said it has already achieved US$ 1 Bn of annualized GTV in a relatively short span of time. The company also secured a money transfer license in Hong Kong in December 2019.

Mulyono Xu, Managing Director at BAce Capital, said,

“Wallex uses technology to make cross border payments easier, faster and more convenient for SMEs. We do see the importance of digital payments post COVID-19 to enable more SMEs to participate in the economic revival process. We believe Wallex has great potential to become a digital payment and wallet solution for this underserved segment.”

Jody Ong, CEO & Co-Founder of Wallex, said,

“Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform. We will also continue with our hiring plans and will work on partnerships to further expand our business.”