4XLABS CLOSES USD$1.5M PRE-SERIES A ROUND
16 MAY 2017
Singapore-based 4xLabs, a fintech start-up that develops solutions for money services businesses and travellers in the cash exchange market, announced today that it has secured an additional USD$1.5 million in funding. The round saw follow-up investment from Dymon Asia Ventures, as well as participation from new investors such as Malaysia-based OSK Ventures International.
Chris Vanden Berghe, CEO of 4xLabs said, “We are delighted to have a clear mandate from investors who believe in the potential and sustainability of our business model, and strategic plans for the region. 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.”
Founded in 2011, 4xLabs was initially focussed on developing an aggregation platform for travellers to search for cash exchange rates being offered by money services businesses in various cities - information that was not readily available online. After seeing initial success in this space both in the growth of users and money changers signed up on the rates aggregation platform known as Get4x, 4xLabs began to look into developing a B2B solution for money changers in 2015, to fill an existing market gap that solutions back then could not address.
Today, this integrated SaaS-based platform for money changers is known as Biz4x and it provides them with features such as live FX rates, a compliance database, as well as a point-of-sale system to manage their inventory, customers and transactions. Within a year of its launch, 40% of the money changers in Singapore became paying subscribers.
As a cloud-based platform, updates can be rolled out to the money changers every few weeks so they always have a solution that leverages the latest in technology to facilitate their compliance with local regulatory laws. Biz4x is connected to Get4x so money services businesses can set their Buy and Sell rates online as part of the customer acquisition component of the overall solution. Get4x recently launched its cash aggregation services in 5 new cities: Dubai, Jakarta, Johor, Macau and Sydney, bringing the total number of cities it is in to 13. Existing markets include Bali, Bangkok, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore and Mumbai.
“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”, says Christiaan Kaptein, Principal at Dymon Asia Ventures. “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.”
Patrick Yee, Executive Director of OSK Ventures International added, “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.”
Biz4x is currently used by hundreds of money changers in more than 10 countries worldwide.
4xLabs is a fintech start-up headquartered in Singapore. For money changers, our one-stop suite of services, Biz4x, improves top line, by helping them acquire new business, optimize their price setting, and scale their business; as well as bottom line, by improving efficiency, managing cost of stock, and facilitating compliance risk management. Through Biz4x, money changers can list their business and cash exchange rates on a directory called Get4x to access new customers. With Get4x, travellers can search for licensed money changers offering the best rates nearby for greater transparency, convenience, and security. Our tools improve the entire cash exchange industry by providing greater transparency and regulatory compliance.
For more information visit: https://4xlabs.co.
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