Moolahgo completes pre-series funding round to boost B2B multi-currency cross-border payments

Asian fintech Moolahgo had completed its Pre-Series Funding round at a total amount of SGD 4.5 mln.

The latest tranche for the round was subscribed by its majority shareholder, the Lippo Group, in Q2 2021. The invested funds will be used to drive all areas of the business, including the expansion of Moolahgo’s presence into the retail digital payments segment.

This will be driven by its eWallet product launched recently with roll out of new features. The expansion into retail payments is backed by Moolahgo’s experience in dealing with B2B multi-currency cross-border payments services. Moolahgo eWallet users enjoy the payment service which is active in more than 40 countries, supported by its payout network of over 1,000 banks and agents, according to the official press release.

So far, Moolahgo received 5 out of the 7 new Payment Services Act licenses from the Monetary Authority of Singapore (MAS) to qualify as a Major Payment Institution in Q3-2020.

Gearing up for the Series-A funding round in early 2022, Moolahgo is targeting to raise funding of between USD 10 – 20 million. The Series-A funds will be used to further develop its cross-border infrastructure between Singapore and Indonesia to establish payment capabilities between the 2 countries.