Singapore-based financial technology startup M-Daq said Nov. 11 that it had raised an undisclosed pre-series D round from multiple investors, including Samsung Venture Investment, to expand its cross-border currency trading solutions to South Korea.
Both M-Daq and Samsung Venture, a venture capital arm of Korea’s largest conglomerate, will be working closely to roll out M-Daq’s cross-border solutions in Korea, the startup added.
“Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well,” M-Daq said in a statement.
“We are looking forward to supporting the Samsung Group’s diverse and international businesses with increased FX management capabilities. Samsung’s investment is a clear statement of belief in our vision and solutions and we are grateful for their continued support as we continue to expand into new markets and business verticals.”
Founded in 2010, M-Daq has sought to bring its cross-border currency trading process to light and targets various industries, including e-commerce platforms, retail merchants, stock exchanges, brokers, payment processors and remittance companies. Its product portfolio ranges from Aladdin, dedicated to e-commerce platforms, to multicurrency listing solutions for stock exchanges.
“We strongly believe that M-Daq’s Aladdin cross-border solution, the guaranteed rate e-commerce multi-currency pricing solution, will help online platform companies fundamentally change the way they do business,” Samsung Venture Investment said in a statement.
By Son Ji-hyoung (firstname.lastname@example.org)