The fundraising of the Singapore-based startup was led by Tencent’s Co-founder Jason Zeng

Koku, the startup that provides foreign exchange (FX) technology solution in Singapore, announced today that it has raised a Pre-Series A funding for US$2 million led by Jason Zeng, Tencent Holding’s Co-founder and founder of Chinese angel investment company Decent Capital.

In its official statement, Koku mentioned that the funding will be used to accelerate Koku’s product development roadmap and for regional expansion into new Southeast Asia markets.

The expansion in question itself is said to be focussing on the growth of Koku’s FX TechUP suite, onboarding of deep technologies such as AI, and machine learning to leverage data in order to maximise benefits for users within the ecosystem

Founded in 2016, Koku works with Non-Bank Financial Intermediaries (NBFIs) including non-bank remittance companies and liquidity providers. Its Foreign Exchange (FX) technology solution allows these NBFIs to provide cheaper, quicker, and digital-first remittance services to their customers.

“Tech-enabling non-bank remittance service and liquidity providers requires quite a complex and different business model, it’s hard work,” said Calvin Goh, Founder and CEO of Koku. “Having said that, it’s extremely rewarding when we’re able to tech-enable this group of NBFIs and help them succeed in scaling their operations. We’re confident that we’re in good standing to further develop our offerings and expand into new markets as we move towards Series A.”

Also Read: mobilityX introduces all-in-one transport app Zipster

According to Chris Cao, Vice President of Decent Capital’s Angel Investment Department, Koku is the first company in Singapore that Tencent’s Co-founder Jason Zeng has invested in since co-founding Tencent.

Since the initial funding round, Koku said that it is able to increase cross-border collaboration between non-bank remittance service and liquidity providers in the region. Koku aims to raise a target of US$10 million in Series A funding by H1 2019.

Currently, the company is already working with NBFI partners in Singapore, Hong Kong, and the Philippines. Koku said that this round will set them up to achieve growth in headcount, increase transaction volume of US$10 million per day to US$22 million, as well as potential entry into markets in Southeast Asia including Vietnam, Myanmar, Indonesia and Cambodia over the next six months.
–

Image Credit: Koku

The post Fintech startup Koku secures US$2M Singapore Pre-Series A funding appeared first on e27.