Existing investors also participated in the funding. The announcement is significant as it comes amid the pandemic and the accompanying economic uncertainty when support for entrepreneurs is challenging to find.

The new funds will be directed towards scaling its footprint in new, existing markets and enhancing the core products. Hiroyuki Kiga,COO and Co-Founder, shared, "We're excited to partner with our new investors as it gives us a foothold into the largest and exciting economies of the world. We will continue to drive on our mission to empower SMEs by providing them with the tools to grow their business."

Wallex, growing 20% month on month, is rapidly scaling its footprint in Asian markets where 52% of trade is within the region. With a team of 75+ employees backed by deep domain experience, the firm has already achieved US$ 1 Bn of annualized GTV in a relatively short span of time. The company has also secured a money transfer license in Hong Kong in December 2019.

Mulyono, Managing Director at BAce Capital, said, "Wallex uses technology to make cross border payments easier, faster and more convenient for SMEs. We do see the importance of digital payments post COVID-19 to enable more SMEs to participate in the economic revival process. We believe Wallex has great potential to become a digital payment and wallet solution for this underserved segment."

Jody Ong, CEO & Co-Founder, said, "Wallex is setting its sights on providing future-ready services like virtual receivable accounts and multi-currency wallets. This funding will help us build out more robust capabilities for our SME customers to manage their cash flow and hedge their forex risk within a single platform. We will also continue with our hiring plans and will work on partnerships to further expand our business."