M-Daq, a Singapore-based fintech business backed by Ant Group, has received an investment of US$200 million from Asian private equity giant Affinity Equity Partners in a series D transaction.

According to information provided by VentureCap Insights, M-Daq has raised a total of US$34.8 million since its inception in 2010. Richard Koh, founder and CEO of M-Daq, explained to Tech in Asia that the discrepancy in the figure resulted from the fact that not all of the capital had been drawn down by the company due to the presence of secondary shares being offered in the round.

According to a statement released by M-Daq, thanks to Affinity’s investment, the company now shares control of the Singapore-based firm with its management and employees.

Koh owns 15.92% of M-Daq and Joo Seng Wong owns 3.15%. In addition, 12.7% of the company is owned by employee stock option plans. Both Noboru Takahashi, the business’s first chief technology officer, and Lee Yaw Chyun, the company’s first chief financial officer, own stock in the company. According to information from VentureCap Insights, this translates to a 33.56% ownership share in the company.

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

M-Daq, which has been cash flow positive since 2018, plans to use the new funds in research and development of new products as well as in expanding its worldwide enterprise customer base.

“We are delighted to have discovered in Affinity a strong believer-partner to pursue our third five-year strategic plan with a view of a public outing,” Koh added.

M-Daq claims that its patented FX solutions process over US$10 billion in annual cross-border transactions, principally serving ecommerce and technology firms like AliExpress, Taobao, and Tmall.

Aladdin and Fliq are among M-most Daq’s notable offerings. With Aladdin, online shoppers can transact in their own currency while businesses may accept payments in whichever currency they desire. When customers travel internationally with Fliq, they can use their local e-wallets to make purchases anywhere Fliq is accepted.

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