Singapore-based 4xLabs has secured $1.5 million in pre-series A round of funding. Its existing investor, Dymon Asia Ventures, invested in the round along with the new investors including Malaysia-based OSK Ventures International.
Incorporated in 2011, 4xLabs develops innovative solutions for money services businesses and travellers in the cash exchange market. Talking about the investment, Chris Vanden Berghe, CEO of 4xLabs, said,
This fresh round of funding will enable us to execute fully on our vision 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.
4xLabs, initially, began as an aggregation platform for travelers to search cash exchange rates being offered by various licensed money services businesses in various cities.
Since the information was rather difficult to look up to, the rates aggregation platform, Get4x, saw the number of sign-ups, by both, users and money changers, increase. Observing this, 4xLabs, with an intent of bridging the existing market gap, came up with the idea to develop a B2B solution for money changers in 2015.
It created an integrated SaaS-based platform for money changers, Biz4x, that provides features such as live FX rates, a compliance database. It also offers them a point-of-sale system to let them manage their inventory, customers and transactions. The company claims to have gained 40% of the money changers in Singapore as its paying subscribers within a year of its launch.
Also, Biz4x is connected to Get4x, this enables money services businesses to set their Buy and Sell rates online as part of the customer acquisition component of the overall solution.
Patrick Yee, Executive Director of OSK Ventures International, in a statement, said,
4xLabs’ focus on accelerating the fintech adoption by the foreign exchange community regionally stood out as it redefines the interactions among money changers and the end consumers. We believe that 4xLabs’ suite of products has the right elements to address the dynamic money changing landscape and diverse needs of the many stakeholders in the value chain regionally.
Get4x has launched its cash aggregation services in 13 cities till date, namely, Dubai, Jakarta, Johor, Macau, Sydney, Bali, Bangkok, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore and Mumbai. While the company says Biz4x is being used by hundreds of money changers worldwide in over 10 countries.
