Singapore-based fintech startup M-DAQ announces that it has received backing from Samsung Venture Investment Corporation. The Korean tech giant’s investment arm has joined other investors in M-DAQ’s pre-series D round, Bloomberg reported.
Joining the pre-Series D round are Ant Financial, EDBI, GSR Ventures, and Vickers Venture.
The latest funding boost put the fintech startup’s valuation at S$500 million (US$367 million).
“Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well. We are looking forward to supporting the Samsung Group’s diverse and international businesses with increased FX management capabilities,” M-DAQ’s statement reads.
M-DAQ and Samsung Venture reportedly have planned to roll-out M-DAQ’s cross-border payments and currency trading solutions across South Korea.
Also Read: Samsung’s VC arm leads US$7M Series A in HRtech startup Swingvy
Founded in 2010, M-DAQ has been facilitating cross-border business payments to several different industries. M-DAQ provides its partners with the platform that has support from global foreign exchange providers and also with its proprietary data technology that helps customers settle physical and financial assets in their preferred currency.
“We believe that M-Daq’s Aladdin cross-border solution with its guaranteed rate e-commerce multi-currency pricing solution, will help online platform companies fundamentally change the way they do business,” said representatives of Samsung Venture Investment.
Samsung Venture Investment is an investment arm of the Korean tech giant Samsung, focussing on investing across different sectors such as IT, internet services, semiconductors, content, biotechnology, and more.
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