Wallex Technologies Remittance Startup Raises Series A Funding

Wallex Technologies announced that it has successfully secured Series A funding for an undisclosed amount. This financial technology startup headquartered in Singapore received an injection of funds from BAce Capital, SMDV, and Skystar Capital. Several investors involved in the previous round of funding also participated.

Wallex plans to use this funding to expand its business scale in a number of new markets, as well as to improve the products they have.

"We are excited to partner with new investors, and gain their support in some of the largest and most attractive economies in the world. We will continue to carry out Wallex's mission to empower SMEs by providing tools to grow their businesses," said Co-founder & COO Wallex Hiroyuki Kiga.

Wallex with its service as an online remittance platform provider announced its presence in Indonesia after get permission transfer of funds from Bank Indonesia at the end of 2018. As a business, wallex quite confident in their journey and business performance. They claim to grow 20% every month.

"Wallex is leveraging technology that makes it easier, faster, and streamlined for SMEs to make cross-border payments. We are aware of the importance of digital payments after Covid-19 has passed so that SMEs can be involved in economic recovery. We believe that Wallex has the potential to be a payment solution and digital wallet for this segment. who have not used this service much," said Managing Director of BAce Capital Mulyono.

In Indonesia, online remittance services are a manifestation of the development of the financial technology industry. Several names have started running online remittance services in Indonesia. They are nium, Zendomoney, OY!, Transfezand RemitPro.

One of Wallex's plans with this funding is new services and improvements to existing products. Wallex co-founder & CEO Jody Ong explained they will soon offer new services such as virtual accounts receivable and digital wallets in multiple currencies in certain countries.

"This funding will help us to build cutting-edge features for SME customers. This way they can manage cash flow and protect themselves from foreign exchange risks on a single platform. We also continue to recruit workers and establish partnerships to expand the business," added Jody. .

Wallex is currently focusing on the B2B segment. For now they accept payments in more than 40 currencies. Regarding regulations, Wallex is currently regulated by the Monetary Authority of Singapore as the Main Payment Institution, Bank Indonesia, and the Hong Kong Custom and Excise Department.

Wallex Travel in Indonesia

Wallex admitted that obtaining an official license in Indonesia was one of their important achievements. With this license, Wallex can now offer their solution in the form of payment services for more than 40 exchange rates from Indonesia.

"Within a year of operation, we entered the top 15 remittance providers for transaction value (by Bank Indonesia). This rapid growth is very encouraging for us," claims Wallex Co-founder and COO Hiroyuki Kiga.

He also continued that international payment transactions through digital media are still in a very new stage in Indonesia, most of which are still offline or coming to the bank, so Wallex also tries to take a role in educating the public regarding online remittance services.

As a relatively new player in the industry, building user trust is also a challenge. Furthermore, in Indonesia Wallex will focus on reaching more SMEs especially those outside Jakarta.