Singapore-based startup 4xLabs has raised $1.5 million in additional funding, according to Deal Street Asia.
The round was jointly led by fintech-oriented venture firm Dymon Asia Ventures and Kuala Lumpur-based OSK Ventures International. This was the second time around for Dymon Asia, having invested 4xLabs shortly after its funding back in 2011.
4xLabs develops cash exchange services and currently offers two platforms: Get4x, an exchange-rate aggregator designed for travelers, and Biz4x, a Saas-based platform geared as a business-to-business solution for money changers. The former can be used in 13 cities – including Bali, Hong Kong, and Singapore – while the latter is employed by money changers in over 10 different countries.
Christiaan Kaptein, a principal over at Dymon Asia Ventures, appeared quite stoked about his firm’s recent investment:
“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, said. “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.”
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