Private equity firm Affinity Equity Partners has provided S$200m ($147m) in series D funding for M-Daq, a Singapore-based cross-border financial technology provider with several corporate investors.
M-Daq has built an online platform that enables users to buy and sell foreign securities in a variety of currencies, streamlining trades that could otherwise be affected by currency fluctuations.
Affinity said the deal gave it a joint controlling stake in M-Daq with the company’s staff and management. It has not been disclosed whether any existing investors exited through the round.
Samsung Venture Investment Corporation, a corporate venturing subsidiary of consumer electronics manufacturer Samsung, had joined unnamed other investors to supply an undisclosed amount of pre-series D funding for M-Daq in late 2019.
The company had prreviously received $87m in a 2015 series C round that included the Singaporean government-owned EDBI.
The series C was led by an undisclosed strategic investor that could have been Ant Financial, the financial services affiliate of e-commerce firm Alibaba that disclosed an investment in 2016 through its Shanghai Yunju Investment vehicle.
GSR Ventures had led a $16m series B round for M-Daq in 2013 that included financial services firm Citi’s venture capital arm, Citi Ventures, as well as Murano Enterprise, Pisoni Assets and Neoma Investments.
The company had already raised an undisclosed amount of series A funding from investors including GKGoh in 2010, after $500,000 from angel investors earlier the same year.
