M-DAQ receives $147m investment from private equity firm

In recent months, Affinity Equity Partners, a private equity firm focusing on Asia, has secured an investment of SGD 200m ($147m) in Singapore-based M-DAQ, which provides currency tracing services.

Affinity will hold a joint controlling stake in M-DAQ as part of the investment, which will see it join the board.

Together with M-DAQ, M-DAQ hopes to increase its market position in the foreign exchange market as a specialist of foreign exchange. By contributing capital to the company, it will be able to expand its product offerings and increase the number of customers.

It is claimed that the FX solutions offered by M-DAQ process over SGD 10 billion ($7.3 billion) in cross-border transactions on an annual basis.

This FinTech company creates over-the-top applications that help businesses access cross-border payments in order to increase their revenue. Its most popular service is Aladdin, which allows customers to buy from e-commerce platforms in their home currency and merchants to accept payment in their preferred currency, which is one of its most popular services.

Benny Lim, Affinity’s managing director for Southeast Asia and head of the company’s Southeast Asia operations, announced that the company is excited about the opportunity to collaborate with M-DAQ’s management in order to unlock the vast potential of this global FinTech company and support its ambitious growth plans.

In addition to that, we are actively seeking synergistic areas of collaboration with our existing portfolio companies, many of whom are leading players in their respective sectors or countries.

In 2019, the FinTech company closed an initial preseries D round of funding, but the amount of money raised is not clear as it is unclear when the round was closed. Samsung Venture Investment Corporation supplied the funds that were used for this project.

M-DAQ, a Singapore-based currency tracer, has received a SGD 200 million ($147m) investment from Asia-dedicated private equity firm Affinity Equity Partners.

By joining the M-DAQ Board, Affinity will join the rest of the M-DAQ investors to gain access to M-DAQ products, services and research that improve performance in key areas, like innovation, quality

We’re hoping to increase our market position as a foreign exchange specialist. By working together we hope to achieve more.

It’s going to be a good thing for the company and make them a bigger force.

M-DAQ claims that its FX solutions process more than $7.3 billion in cross-border transactions annually.

The FinTech company helps businesses access cross-border payments through over-the-top applications.

If you sell online, you need to have a customer service solution that works well for you, whether you sell to your local community or to the entire world.

The company previously closed a pre-series D round back in 2019, but it is unclear how much capital it raised.

Samsung provided funding for this project, which will include the design and development of an innovative wearable device to help people with diabetes.

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