RateX plans expansion with latest funding round
Singapore-based payments startup RateX has raised S$3 million (US$2.3 million) in a pre-series A funding round.
RateX is a free browser extension that automatically provides shoppers with the lowest exchange rate without transaction fee for overseas purchases through e-commerce platforms. It also allows users to automatically apply coupon codes upon checkout.
RateX seamlessly integrates with such e-commerce platforms as AirAsia, Amazon, Expedia, Lazada, Singapore Airlines and TaoBao. It also works with payment processors Adyen and Alipay. It works as a browser add-on to Google Chrome and Firefox.
RateX says its users have saved more than S$264,000 through lowered exchange rates and transaction fees, and $396,000 through discount coupons.
“At a time when online commerce is booming, we want shoppers to pay less for their overseas purchases,” says RateX CEO/co-founder Jake Goh. “We are doing this by solving e-commerce and financial inefficiencies inherent in cross-border commerce. These include markups around transaction fees and foreign-exchange rates.”
Research firm Frost & Sullivan says Southeast Asia is the world’s fastest-growing internet market. The gross merchandise value of e-commerce will rise to US$65.5 billion by 2021, up from $14.3 billion in 2016. Meanwhile, about 89 per cent of Singapore shoppers use websites beyond Singapore, with the average online shopper in Singapore spending around US$1066 each year on e-commerce transactions.
“Our users can now save up to 20 per cent on their purchases.” says Goh. “We are achieving this while bringing affiliate sales to our merchant partners – a win-win situation for all.”
RateX is currently available for Singapore users on Firefox and Google Chrome desktop browsers. It has also just launched its mobile app (RateS).
Its latest funding will be used to drive the launch of RateX’s mobile app in Singapore and Taiwan this month, as well as RateX’s expansion into Taiwan and Indonesia this year.
Participating investors include Alpha JWC Ventures and Insignia Ventures Partners alongside other angel investors.
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