RateX, a Singapore-based payments startup, raised S$3m (US$2.3m) in pre-series A funding.
The round was co-led by Alpha JWC Ventures and Insignia Venture Partners with participation from other various strategic angel investors.
The company intends to use the funds to launch its mobile app in Singapore and Taiwan in March 2018, as well as to expand into Taiwan and Indonesia in 2018.
Led by Jake Goh, CEO and Co-Founder, RateX is a free browser extension that automatically provides shoppers with the lowest exchange rate at no transaction fee for overseas purchases through e-commerce platforms. It also allows users to automatically apply coupon codes of their choice upon checkout.
RateX integrates with some of the largest globally recognized e-commerce platforms such as Amazon, TaoBao, Lazada, Singapore Airlines, AirAsia, Expedia, among others. It also works closely with the likes of payment processors Adyen and Alipay.
The solutions already work on global brands including Amazon, TaoBao, Lazada, Singapore Airlines, AirAsia, Expedia, among others.
RateX is currently available on Google Chrome and Firefox desktop browsers and is operational for users in Singapore. Their mobile app (RateS) have also recently been launched.
RateX is also supported by a host of industry-leading advisors, including Yinglan Tan, the current Founding Managing Director of Insignia Ventures Partners and Chandra Tjan, Co-Founder and Managing Partner of Alpha JWC Ventures.