Singapore FinTech startup M-DAQ wins Samsung’s backing

Singapore fintech startup M-DAQ Pte won the backing of Samsung Group’s venture capital fund in a bid to expand in South Korea and beyond.

With Samsung’s investment in its pre-series D round, the company’s valuation will exceed S$500 million ($368 million), up from S$250 million in November 2015, according to Chief Executive Officer Richard Koh. M-DAQ didn’t disclose the amount of Samsung’s investment.

“Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well,” according to a release by M-DAQ.

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Source: Singapore FinTech Startup M-DAQ Wins Samsung’s Backing – Bloomberg