DollarSmart kickstarts USD 20m fundraise to strengthen payment services in ASEAN

By: Hubbis
BUKIT MERAH, Singapore - Aug. 30, 2021 - PRLog -- DollarSmart Global, a Singapore-headquartered fintech company specializing in international digital payment solutions, has initiated a USD 20m funding round to strengthen its operations in Southeast Asia.
The company has engaged KPMG to advise on this process, which will involve a minority stake offering.

The company is expected to collect indicative bids next month and secure the funding within the year.

The company has been funding its organic growth with founders' funds and operational cash flows. Given that, the USD 20m round is considered its maiden external equity fundraise. The company was founded in 2014 and is owned by CEO Dwight Willis, CTO Haldane Marnoch, and COO Nuttawuth Chainilphan.

The company is a licensed money service operator in Hong Kong under the trade name HKDSmart and a licensed remitter in Australia known as AUDSmart.
Part of the fresh funding will be used to meet the capital requirements for license applications in multiple Southeast Asian jurisdictions.

Proceeds from the ongoing funding round will be earmarked mainly for Southeast Asia expansion. These will also be allocated for complementary product launch, system upgrade and talent acquisition as the company is stepping up its marketing, risk and compliance efforts, the CEO said.

The company adopts a peer-to-peer approach matching a user transferring funds in one direction with another user transferring funds in opposite direction, the company previously told Forbes.

As such, costs are lower than the conventional way of transferring a sender's money across borders, Willis said. It processed over 850,000 transactions and USD 240m in volume last year, and its topline grew over 700% YoY for the financial year ended 31 December 2020, the CEO said.

Asia-centric approach
DollarSmart currently has a services network reaching 81 countries through its existing partnerships with banks and strategic partners. Most of these partners are based in the Asia Pacific.

The company differentiates itself as an Asia-centric payment specialist enabling both inward and outward flows. It currently runs its HKDSmart and AUDSmart platforms in multiple Asian languages.

DollarSmart provides services for both retail and corporate customers allowing C2C/B2B/B2C/C2B money transfers to a bank account, digital wallet or for cash pickup. It retains a no-fees-no-charges model for its retail services and mainly profit from the forex spread.

For corporate services, especially those related to online purchases, the company also charges a commission fee for collecting local pay-in on behalf of corporate merchants using QR code, which is at a lower rate than credit card processing fees. This is on top of the ticket charge per transaction, Willis said.

International players offering money transfer services in Asia include Colorado-based Western Union and London based Wise, formerly TransferWise.
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Page Updated Last on: Aug 30, 2021

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