4xLabs raises US$1.5M in Pre-Series A

4xLabs, a Singapore-based FinTech startup that develops solutions for money services businesses and travellers in the cash exchange market, has secured an additional US$1.5 million in funding existing investor from Dymon Asia Ventures, with the participation from new investors such as Malaysia-based OSK Ventures International.

“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,” Chris Vanden Berghe, CEO of 4xLabs said in a press release.

Founded in 2011, 4xLabs develops a B2B solution for money changers, called Biz4x. Biz4x provides money changers with features such as live FX rates, a compliance database and a system to manage their transactions and customers. 4xLabs claims that 40 percent of the money changers in Singapore has become paying subscribers at Biz4x, the integrated SaaS-based platform is currently used by hundreds of money changers in more than 10 countries worldwide.

4xLabs also has a rates aggregation platform, called Get4x, the rates aggregation platform is currently available in 13 cities, including Bali, Bangkok, Dubai, Jakarta, Johor, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore, Macau, Mumbai and Sydney.

Read more about Get4x: Solving a real life pain - From travel experience to a business idea

Patrick Yee, Executive Director of OSK Ventures International said in a press release, “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.”