Singapore-based 4xLabs, a fintech startup that develops solutions for money changers, has raised an additional US$1.5 million in its latest funding round.
The round saw a follow-up investment from Dymon Asia Ventures, as well as participation from a new investor, OSK Ventures International based in Malaysia.
“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,” said Chris Vanden Berghe, the CEO of 4xLabs.
“This fresh round of funding will enable us to execute our vision fully 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,” he added.
4xLabs, set up in 2011, aims to increase transparency in the market for travelers and money changers with its cloud-based services – providing a one-stop suite of services for money changers and travelers.
It initially focused on developing an aggregation platform for travelers to search for cash exchange rates being offered by money services businesses in various cities. These types of information are not readily available online.
4xLabs’ tools improve the entire cash exchange industry by providing greater transparency and regulatory compliance.
With Get4x, travelers can search for licensed money changers offering the best rates nearby for greater transparency, convenience, and security.
However, after seeing sign-up growth in users and money changers on Get4x, 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.
This integrated SaaS-based platform for money changers is known today as Biz4x. It provides them with features such as live FX rates, a compliance database, as well as a point-of-sale system to manage their inventory, customers, and transactions. Within a year of its launch, 40% of the money changers in Singapore became paying subscribers.
As a cloud-based platform, updates can be rolled out to the money changers every few weeks so they always have a solution that leverages the latest in technology to facilitate their compliance with local regulatory laws. Biz4x is connected to Get4x so money services businesses can set their Buy and Sell rates online as part of the customer acquisition component of the overall solution.
Get4x recently launched its cash aggregation services in 5 new cities: Dubai, Jakarta, Johor, Macau, and Sydney, bringing the total number of cities it is in to 13. Existing markets include Bali, Bangkok, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore, and Mumbai.