How it compares to competitors: SingX claims its platform is “cheaper,” allowing users to save as much as 90 percent in remittance charges when they transfer funds overseas. SingX argues that it can give customers added peace of mind by guaranteeing their money is kept in a segregated client account, in accordance with its status as a regulated payment services provider licensed by the Monetary Authority of Singapore.
SingX now offers online remittances from Singapore to Hong Kong, India, and Malaysia. Based on its current monthly run rate, the platform has a projected annualized run rate of US$100 million.
Amount raised: US$4.5 million
Funding stage: Pre-series A
Investors: Unnamed senior bankers and high net worth individuals from Singapore and Hong Kong
Investment type: Equity
Purpose: Expansion to new markets
Total disclosed funding to date: US$7 million