HolyWally, a Singapore-based digital wallet platform has raised US$1.4 million in a funding round led by a leading FinTech firm in Singapore, M-DAQ and other investors including Creitive and Finmirai.
The fresh funding will be used by HolyWally to intensify the Research& Development, expand its team and its commercialization efforts to cater to growing market demand that has been anticipated to hit US$5.5 million by 2024.
The Wallet-as-a-Service product offering by the company aims to power millions of digital wallets, enabling brands and companies to enter the mobile payments market with an improved time to market, cost-efficiencies and increased revenue opportunities. It has recently become a Visa FinTech Connect and Microsoft for Startups Partner, and has supported a number of their clients in the APAC region.
HolyWally has also partnered with M-DAQ to launch its digital wallet product across Southeast Asia this year. The white-label M-DAQ digital wallet will be powered by M-DAQ’s backend capabilities.
John Rutledge, CEO at HolyWally, said: “We are very excited to raise a pre-seed round within a year of starting our journey. This is a great testament to our product. We believe we have built a superb digital platform (white-label wallet-as-a-service solution) that enables everyone to launch fintech products to make use of the payments ecosystem via HolyWally highly functional rich and flexible digital wallet platform.”
Veljko Vasic, CEO at Creitive Venture Studio, who co-founded HolyWally through their venture builder program, said: “We’ve created HolyWally in 2021. with an idea to make wallet building and connecting fintech services easier for any business, small or big. Our goal is to enable anyone to launch a digital wallet in a matter of weeks, and scale it in a matter of months.”
Founded in 2021, HolyWally aims to revolutionize the mobile payments industry by making it extraordinarily simple for anyone in the industry to build a mobile payment solution that perfectly suits their business needs.
HolyWally began as a spinoff venture from a global digital innovation agency, Creitive with a focus on the financial services industry. Having years of experience in building and scaling FinTech products, the team found the need to create a user-friendly and intuitive wallet platform for organizations of all kinds.
The platform connects banking services to a wide range of other financial services and presents them to consumers in a format that is easy to use and meets their demands.