Fintech start-up 4xLabs raises US$1.5m in new funding

SINGAPORE - Singapore fintech start-up 4xLabs has raised US$1.5 million (S$2.1 million) in its latest funding round.

The round saw follow-up investment from Dymon Asia Ventures, as well as participation from new investors such as Malaysia-based OSK Ventures International.

4xLabs aims to increase transparency in the market for travellers and money changers with its cloud-based services.

The firm, set up in 2011, offers two platforms: Get4x, a currency exchange-rate aggregator platform for travellers, and Biz4x, a platform that helps money changers better manage their businesses.

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The new funds will be used for product development and global growth, said chief executive Chris Vanden Berghe.

Get4x recently launched its cash aggregation services in five 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 company said Biz4x is used by "hundreds of money changers in more than 10 countries worldwide".