FX platform M-DAQ acquires B2B cross-border paytech Wallex
Singapore-based FX platform M-DAQ has acquired B2B cross-border payments provider Wallex.
The deal forms part of M-DAQ’s growth strategy as it looks to expand into new international markets.
M-DAQ group CEO and founder Richard Koh says: “Investing in businesses with strong growth potential is one of our core strategies, as we expand our ecosystem.”
Wallex holds licenses in Hong Kong, Indonesia and Singapore and will continue to operate under its own brand, with former chief operating officer Hiro Kiga promoted to CEO.
Kiga says the deal “will enable us to deliver greater value to empower businesses across borders”.
M-DAQ has not disclosed the terms of the deal but says it is injecting fresh capital into the Wallex business.
The new combined entity is expected to clear in excess of $11 billion worth of transactions this year.
Koh adds the acquisition will “strengthen our footprint in the payments space by reaching a wider range of SMEs and their customers”.
He continues: “M-DAQ will be the upstream FX provider to supply Wallex with the necessary liquidity it needs to run its core payments business.
“This B2B2b2C business model is an ecosystem of businesses that complements each other, reduces duplication, increases efficiency, and ultimately reduces transaction costs for the end clients, as economies of scale are materialised.”
In August last year, M-DAQ received $145 million in Series D funding from private equity firm Affinity Equity Partners.