WadzPay Worldwide Pte. Ltd., an innovator in the blockchain tech and financial services company, announced it secured a capital commitment of SGD 50 million in the form of a Share Subscription Facility (SSF) from GEM Global Yield LLC SCS.
The SSF will now aim to accelerate the company’s growth strategy via acquisitions, partnerships as well as “organic initiatives.”
The agreement establishes a Share Subscription Facility granting WadzPay the option to call upon GEM to “subscribe for Ordinary Shares up to a total value of SGD 50 million (approximately USD 36.7 million) upon a successful public listing for a thirty-six-month period.”
This binding is said to underscore GEM’s confidence in WadzPay’s potential to positively “disrupt” the financial services landscape.
Anish Jain, Founder & CEO of WadzPay said that this partnership with GEM is a validation of the transformative impact WadzPay is “making in the financial services and blockchain space.” Jain also mentioned that securing this substantial commitment early in their journey “fuels their mission and equips us with the resources to accelerate innovation and scale rapidly.”
This investment from GEM marks a key milestone for WadzPay, solidifying its position as an important player in the financial services and blockchain industry.
As noted in the update, WadzPay was founded in 2018 in Singapore with a commitment to drive financial inclusion and improve the virtual asset financial services landscape.
It is a blockchain-based tech provider for virtual assets.
The company’s platform available as a SaaS offering provides secure, efficient, and transparent tech solutions, “catering to businesses (B2B) and consumers (B2B2C).”
WadzPay works with international companies, banks, and fintech’s to enable virtual asset-based transaction processing, custody, and settlement.
It operates across geographies spanning Asia Pacific, the Middle East, and other regions.
As mentioned in the announcement, GEM is a $3.4 billion alternative investment group that manages a “diverse set of investment vehicles focused on emerging markets, having completed over 570 transactions in 70 countries.”
GEM’s investment vehicles provide the group and its investors with a diversified portfolio of asset classes that “span the global private investing spectrum.”