Wallex Technologies Pte. Ltd.

Wallex Technologies is a foreign exchange and payment solutions platform that facilitates seamless cross-border transactions, catering to businesses with its comprehensive multi-currency wallet and competitive FX rates. Founded in 2015 and headquartered in Singapore, Wallex Technologies Pte. Ltd. specializes in international foreign exchange and payment solutions.

The company has successfully completed three investment deals, with the latest being a Series A round where it raised USD 4. 87 mn. Its most recent funding round was dated February 22, 2022, when it was acquired by M-DAQ Pte Ltd. The acquisition allows M-DAQ to access Wallex's customer base in Southeast Asia while Wallex continues to operate independently under its own brand.

Hiro Kiga, the founder, has a history in the financial technology space, which has propelled the company's growth. Wallex operates as an international foreign exchange (FX) and payment solutions platform designed to facilitate cross-border transactions for businesses. Its core offerings include a multi-currency wallet supporting 13 currencies, competitive near mid-market FX rates for conversions, and global payment solutions for 47 currencies. The platform allows for bulk payments to multiple beneficiaries, real-time transaction tracking, and virtual collections accounts, streamlining operations for clients engaging in international transactions across various markets, including Asia, the United States, the United Kingdom, Europe, Singapore, and Indonesia.

In 2023, Wallex reported a revenue of USD 11. 71 mn and an EBITDA of USD -1. 22 mn. The company primarily generates revenue through transaction fees from its FX and payment services, catering to a diverse client base that includes businesses involved in both B2B and direct-to-consumer transactions.

Wallex Technologies plans to enhance its service offerings by developing new products aimed at improving transaction efficiency and accessibility for its customers. The company is also looking to expand its operations into new markets, particularly focusing on increasing its presence in Southeast Asia and beyond by leveraging its latest funding from the Series A round to support these initiatives. The acquisition by M-DAQ Pte Ltd is expected to provide strategic advantages and insights into the Southeast Asian market, promoting further growth opportunities.