Blockchain solutions provider WadzPay Worldwide has secured a capital commitment of SGD 50 million ($36.7 million) from Global Emerging Markets (GEM) Global Yield.
The commitment is comprised of a shared subscription facility (SSF), which stipulates that WadzPay can call on GEM to purchase ordinary shares in the company up to the agreed value.
However, the New York-based alternative investment group will only have the opportunity to make this purchase “upon a successful public listing for a thirty-six-month period”, WadzPay confirms.
The proceeds raised from this commitment, WadzPay says, will be used to pursue a growth strategy of “acquisitions, partnerships and organic initiatives”.
Founded in 2018, Singapore-based WadzPay provides Software-as-a-Service (SaaS) solutions for virtual asset-based transaction processing, custody and settlement.
Serving a broad range of clients from governments to financial institutions and telcos, the company operates in Asia Pacific, the Middle East, Africa, Europe, and the Americas.
Founder and CEO Anish Jain says GEM will support WadzPay as “we pursue our public listing and expand our global reach”.
