Mdaq Singaporebased 200m Series Affinityahmad Techasia

Singaporean fintech firm Mdaq, backed by Ant Group, has received a series D round investment of US$200 million from Asian private equity behemoth Affinity Equity Partners.

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Mdaq, which was established in 2010, has raised a total of $34.8 million since its inception. Not all of the cash has been pulled down by the corporation, and the difference is because of the mix of secondary shares sold in the round.

Mdaq Singaporebased 200m Series Affinityahmad Techasia

According to a statement, Affinity’s investment would see them join the board of directors at Mdaq, giving them equal control of the Singapore-based firm with the company’s management and employees.

15.92% of Mdaq is owned by Koh, while 3.15 % is held by Joo Seng Wong, Koh’s co-founder. An additional 12.7% of the company is owned via employee stock option schemes.

Noboru Takahashi, the company’s original chief technology officer, and Lee Yaw Chyun, its first chief financial officer, each own a 0.36 and 1.43 percent share in the business, respectively.

In addition to Ant Group, M-Daq already has a number of investors and commercial partners, including EDBI, NTT Communications, Samsung, and Kiwoom-Shinhan, an alliance between Kiwoom Securities and Shinhan Capital..

Mdaq Plans to Use the New Capital in Creating Cutting-Edge Products

Mdaq, which has seen consistent profits since 2018, plans to use the new capital in creating cutting-edge products and expanding its worldwide enterprise clientele.

Koh stated in a statement, “We are fortunate to have discovered in Affinity a strong believer-partner to pursue our third five-year strategic plan with a view of a public outing, including the execution of a series of carefully curated inorganic development strategies.”

Among M-most Daq’s notable offerings are Aladdin and Fliq. With Aladdin, online shoppers may transact in their own currency while businesses can accept payments in any accepted currency. For those who travel internationally, Fliq makes it possible to utilise their domestic digital wallets for purchases in other countries.

The pre-series D financing, headed by Samsung Venture Investment Corporation in 2019, gave the 11-year-old business a valuation of US$368 million.

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