Fintech start-up 4xLabs gets additional US$1.5m in funding
Their Biz4x suite aims to help money changers.
Singapore-based 4xLabs, a fintech start-up that develops solutions for cash exchange businesses, has recentlysecured an additional US$1.5m in funding. The pre-series A round saw follow-up investment from Dymon Asia Ventures, as well as 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," says Chris Vanden Berghe, CEO of 4xLabs.
He also notes, "This fresh round of funding will enable us to execute our vision fully 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.”
For money changers, 4xLabs' one-stop suite of services, Biz4x, improves top line by helping them acquire new business, optimize their price setting, and scale their business. The suite also improves bottom line by improving efficiency, managing cost of stock, and facilitating compliance risk management.
Through Biz4x, money changers can list their businesses and cash exchange rates on a directory called Get4x--a platform akin to Agoda for money changers, to access new customers.
With Get4x, travellers can search for licensed money changers offering the best rates nearby for greater transparency, convenience, and security. 4xLabs' tools improve the entire cash exchange industry by providing greater transparency and regulatory compliance.
4xLabs, established in 2011, was initially focused on developing an aggregation platform for travellers to search for cash exchange rates being offered by money services businesses in various cities. These types of information are not readily available online.
However, after seeing sign-up growth in users and money changers on Get4x, 4xLabs began to look into developing a B2B solution for money changers in 2015, to fill an existing market gap that solutions back then could not address.
This integrated SaaS-based platform for money changers is known today as Biz4x. It provides them with features such as live FX rates, a compliance database, as well as a point-of-sale system to manage their inventory, customers and transactions. Within a year of its launch, 40% of the money changers in Singapore became paying subscribers.
As a cloud-based platform, updates can be rolled out to the money changers every few weeks so they always have a solution that leverages the latest in technology to facilitate their compliance with local regulatory laws. Biz4x is connected to Get4x so money services businesses can set their Buy and Sell rates online as part of the customer acquisition component of the overall solution.
Get4x recently launched its cash aggregation services in 5 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.