GXS Financial institution, a digital financial institution in Singapore, has acquired a further S$229.5 million (roughly US$169.4 million) funding from its dad or mum firms Southeast Asian superapp Seize and telecom conglomerate Singtel, in response to regulatory filings reported by DealStreetAsia.
Seize led the spherical, injecting round US$141.5 million via its subsidiary A5-DB Holdings Pte Ltd. This newest funding follows a number of earlier capital injections by Seize, together with a US$109 million infusion in January and extra investments final yr.
The capital infusion comes as GXS Financial institution skilled a 59% enhance in losses for the monetary yr ended 31 December 2023, regardless of a sixfold enhance in internet curiosity revenue.
The financial institution’s loss for the yr rose to S$208.2 million in 2023 from S$131.1 million in 2022.
In the meantime, Seize reported a 24% enhance in income within the first quarter of 2024 reaching US$653 million, pushed by rising on-demand gross merchandise worth and a decrease working loss.
Launched in August 2022, GXS Financial institution has enhanced its financial savings account, now permitting deposits as much as S$75,000 with rates of interest of two.68% each year for Saving Pockets and a pair of.38% for the principle account.
The account helps versatile financial savings with no minimal stability or lock-in interval. Moreover, the financial institution launched the GXS FlexiLoan final yr, which mixes the options of a credit score line and a private installment mortgage.
This enables prospects to make partial or full early repayments with out penalties, profit from curiosity financial savings, and make a number of drawdowns with out repeated underwriting, providing flexibility in managing funds.
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