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.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Meanwhile, a record 583 non-landed homes sold for more than $2m each in the first nine months of the year.
The merger will create a flagship pan-Asia logistics and high-tech S-REIT.
It is followed closely by the identification app SingPass.
The index tracks REITs in the APAC region with higher dividend yields and positive environmental attributes.
Both companies will create training programs to support digital entrepreneurship and digital upskilling for Grab partners.
The deal is focused on M1’s network assets. 
This is a part of the Lion City's bid to become a global maritime knowledge and innovation hub.
Risks, however, are present with the financial troubles faced by the real estate sector in China. 
This comes as more Singaporeans turn to gaming in the midst of the pandemic. 
Retail sector has experienced the “most disruptions” with the changing restrictions.
The company was commended for being a global and regional sector leader in five categories.
The CEO designate said he aims to drive development in the company’s business units.   Gary Ho,  who played an instrumental role in the Initial Public Offering (IPO) of Nanofilm Technologies International Limited, has been appointed Chief Executive Officer of the company.
Analysts said strong leasing activity in Q3 played a factor.
Islandwide prime retail rents saw a dip by 0.6% q-o-q. 
Jardine Cycle & Carriage, Keppel Corporation and Frasers Logistics & Commercial showed the most growth.