Singapore based B2B and FX fintech company Wallex has secured its Series A funding led by BAce Capital, SMDV and Skystar Capital. Existing investors also participate in the funding. The funds raised will be used towards scaling its footprints in new and existing markets and the company will also enhance its core products.

“We’re excited to partner with our new investors as it gives us a foothold into the largest and exciting economies of the world. We will continue to drive on our mission to empower SMEs by providing them with the tools to grow their business,” said Hiroyuki Kiga, COO and Co-Founder of Wallex.

According to the press release by Wallex, the company is growing at 20% month on month and is rapidly scaling its footprint in Asian markets where 52% of trade is within the region. The company has achieved US$ 1 billion of annualised GTV. The company also secured a money license in Hong Kong in December 2019.

“Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform,” said Jody Ong, CEO of Wallex.

The funding amount is undisclosed by the company.