Affinity gets joint controlling stake in Ant-backed M-Daq after $200m series D round

Affinity Equity Partners, a private equity firm, has acquired a joint controlling stake in M-Daq, a financial technology company backed by Ant Group, after a $200 million Series D round. The investment will be used to support M-Daq’s expansion into new markets and strengthen its position as a leading fintech provider in the Asia-Pacific region.

daq singaporebased saas 200m affinityahmad provides a cross-border exchange rate platform, allowing companies to manage currency exchange risk and reduce transaction costs. The company has already established a strong presence in the region and has a growing client base of financial institutions and multinational corporations.

The partnership between Affinity and Ant Group will provide M-Daq with the resources and expertise needed to continue its growth trajectory and support its expansion into new markets. With Affinity’s deep understanding of the financial services industry and Ant Group’s extensive fintech expertise, M-Daq is well-positioned to continue its success and lead the charge in the digital transformation of the financial services industry.

This investment represents Affinity’s continued commitment to the Asia-Pacific region and its strong focus on fintech investment opportunities. The firm is committed to helping companies like M-Daq to achieve their full potential and drive the development of innovative financial technology solutions.

1. Grab Financial: A leading digital financial services provider offering mobile payments, digital wallets, and financial products to consumers and businesses.
2. M-Daq: A cross-border exchange rate platform that enables companies to manage currency exchange risk and reduce transaction costs.
3. PayNow: A peer-to-peer (P2P) funds transfer service that allows customers to send and receive money to and from any bank account in Singapore.
4. PolicyPal: An insurtech company that provides a digital insurance platform that connects users with insurance providers, helping customers to compare and purchase insurance policies.
5. InstaReM: An international money transfer platform that enables users to send and receive money globally with low fees and competitive exchange rates.
6. GoBear: An online financial comparison platform that allows users to compare insurance, credit card, and personal loan products from various providers.

Grab Financial offers a range of services, including GrabPay, a mobile wallet that enables users to pay for goods and services, send money to friends and family, and top up their mobile phone credits. It also provides micro-loans and insurance products through its financial services arm, Grab Financial Group.

The company has established partnerships with several financial institutions and government agencies to expand its services and reach more customers. Its goal is to provide affordable and accessible financial services to the unbanked and underbanked populations in Southeast Asia.

Grab Financial is well positioned to tap into the growing demand for digital financial services in the region, and is committed to leveraging technology to bring financial inclusion to Southeast Asia’s masses.

M-Daq’s platform integrates with clients’ existing systems and processes, providing a seamless and efficient solution for managing foreign exchange transactions. The platform is designed to help companies reduce their exposure to currency fluctuations and manage their currency risks more effectively.

The company has established a strong presence in the Asia-Pacific region and has a growing client base of financial institutions and multinational corporations. Its mission is to provide companies with a reliable and cost-effective solution for managing foreign exchange transactions and reducing their exposure to currency risk.

M-Daq is well positioned to benefit from the growing demand for digital financial services in the Asia-Pacific region, and is committed to leveraging technology to bring efficiency and innovation to the foreign exchange market.

PayNow was launched by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) in 2017 to provide a convenient and secure way for individuals and businesses to transfer funds. The platform is interoperable with seven participating banks in Singapore, and more banks are expected to join in the future.

PayNow offers a fast, secure, and convenient way for users to transfer funds, without the need for bank account numbers or lengthy transfer processes. The platform is designed to be user-friendly and accessible, making it ideal for individuals, small businesses, and organizations.

PayNow is part of Singapore’s drive to promote a cashless society and enhance financial inclusion. The platform is expected to drive the adoption of digital payments and help Singapore to continue its journey towards a smarter and more connected nation.

PolicyPal offers a wide range of insurance products, including health insurance, travel insurance, personal accident insurance, and term life insurance. The platform uses artificial intelligence and machine learning algorithms to provide customers with personalized insurance recommendations based on their needs and preferences.

The company was founded in 2016 and has since established a strong presence in the Southeast Asian market. PolicyPal is committed to making insurance more accessible and affordable for everyone, and is using technology to simplify the insurance purchasing process and help customers understand their insurance coverage.

PolicyPal is well positioned to benefit from the growing demand for digital insurance services in the Asia-Pacific region, and is committed to leveraging technology to bring innovation and convenience to the insurance industry.

InstaReM’s platform uses technology to streamline the money transfer process and provide customers with a fast, secure, and cost-effective solution for international transfers. The platform integrates with various payment methods, including bank transfers, credit and debit cards, and digital wallets.

The company was founded in 2014 and has since established a strong presence in the Asia-Pacific region, with a growing client base of individuals, small businesses, and corporations. InstaReM’s mission is to provide customers with a simple, fast, and affordable way to transfer money globally.

InstaReM is well positioned to benefit from the growing demand for digital financial services in the Asia-Pacific region, and is committed to leveraging technology to bring innovation and efficiency to the international money transfer market.

GoBear’s platform is designed to be user-friendly and accessible, making it easy for users to compare and choose the right financial product or service. The platform integrates with a wide range of financial providers, including insurance companies, banks, and credit card issuers, to provide customers with a comprehensive range of options.

The company was founded in 2014 and has since established a strong presence in the Asia-Pacific region, with operations in several countries including Singapore, Hong Kong, Indonesia, Thailand, and Vietnam. GoBear’s mission is to empower consumers with the information they need to make informed financial decisions.

GoBear is well positioned to benefit from the growing demand for digital financial services in the Asia-Pacific region, and is committed to leveraging technology to bring transparency and simplicity to the financial comparison market.