Singapore-based SingX has raised $4.5m in its second round of funding and expands its services to Malaysia and Hong Kong.
Backers to the pre-Series A included various senior bankers and high net worth individuals from Singapore and Hong Kong. The new investors join Atul Garg, Kula Kulendaran, Vineet Nagrani and Rajan Raju as shareholders.
The company is an online remittance platform, which allows users to transfer money overseas in a cheaper, faster and more convenient manner. The platform cuts out cable charges and bank commissions, as well as offering a live forex exchange rate.
This capital injection will allow SingX to accelerate company growth and global expansion. The equity will also help SingX develop new products so that it can meet cross-border payment demands of its clients.
SingX principal founder and CEO Atul Garg said, “Consumers like the transparency of the platform as it enables them to keep track of live FX rates and empowers them to make a transfer when they feel the FX rate is right for them.
“They also enjoy the ease of transferring money anytime from the convenience of their own mobile phones. This demonstrates the power of technology to make financial services both easier and cheaper for people.”
Earlier this year the company launched its cross-border fund transfer from Singapore to India. The company plans to launch new services to more countries across the world.
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