Singapore-based Fintech Koku has raised $2 million in a pre-series A round backed by Jason Zeng, co-founder of Tencent Holdings and founder of Chinese angel investment company Decent Capital. Kokue said it expects to raise USD $10 million in a series A round during the next couple of months.
Koku is a platform that works with “Non-Bank Financial Intermediaries” (NBFIs) including non-bank remittance companies. The company’s Foreign Exchange (FX) tech is designed to allow NBFIs to provide cheaper, quicker and digital-first remittance services to their customers.
Koku said it is well positioned to continue its expansion plans which include the growth of Koku’s FX TechUP suite. In addition to tech-enabling non-bank remittance service and liquidity providers, the new funding will boost employee headcount and increase transaction volume of US$10 million per day to S$30 million.
Calvin Goh, Founder and CEO of Koku described their business model as complex.
“We’ve created a lot of curiosity and interest within the industry because of this. With the amount that’s secured in this round of funding, we’re confident that we’re in good standing to further develop our offerings and expand into new markets as we move towards Series A.”
Chris Cao, Vice President of Decent Capital’s Angel Investment Department said that Koku is the first company in Singapore that their founder Jason Zeng has invested in since co-founding Tencent.
“We’re confident that Koku’s technology will bring significant improvements to the business offerings for their partners. With their expansion plans and continued advancement of their technology, we look forward to seeing the positive impact on the remittance industry throughout the region.”