Singapore fintech bet M-Daq gets Samsung backing at a $368m valuation
Singapore-based fintech startup M-Daq reported that Samsung Venture Investment Corporation has joined a gathering of financial backers for its pre-series D round.
Samsung's speculation is set to push the organization past a pre-cash valuation of more than S$500 million (US$368 million) from S$250 million (US$184 million) in November 2015, as per a Bloomberg report, referring to M-Daq CEO Richard Koh. The organization, be that as it may, didn't uncover the specific measure of Samsung's venture.
Samsung was joined by NTT Communications, the data and interchanges innovation arrangements business inside Japan's NTT Group, which said it had made an interest in M-Daq to dispatch unfamiliar trade data and exchange information administration Home Currency Anywhere around the month's end.
Established in 2010, M-Daq gives a stage to work with cross-line business for an assortment of enterprises utilizing restrictive information innovation and backing from worldwide unfamiliar trade suppliers. It works with organizations like Taobao, AliExpress, TMall, CGS-CIMB, and CYS Global Remit, as indicated by its site.
"Samsung is a key financial backer who will work with our essential extension in Korea inside the Samsung environment and remotely also," M-Daq said in an explanation. With the venture, both Samsung and M-Daq will be cooperating on the carry out of the Singaporean organization's cross-line arrangements in the East Asian country.
Likewise, M-Daq plans to build up its cross-line unfamiliar trade answers for Asian nations.
Preceding the pre-series D round, M-Daq stowed US$82 million in series C cash in late 2017. Existing financial backer EDBI and another essential financial backer, which was accounted for to be Alibaba member Ant Financial, took an interest in the round.
Different financial backers in the organization incorporate GSR Ventures and Vickers Venture.
Samsung Venture is a speculation arm of Samsung Group, putting resources into organizations zeroed in on semiconductors, IT, programming, internet providers, biotechnology, content, and that's only the tip of the iceberg.
The organization as of late drove a US$7 million series A round for Singapore-based HR administrations stage Swingvy, probably the most recent interest in the area.