Affinity makes first fintech investment in M-DAQ, exits MedicalDirector

Affinity Equity Partners, a pan-Asian buyout GP has made its first fintech investment by taking a “joint controlling stake” in Singapore-headquartered M-DAQ. The provider of specialized technology enabled financial services raised $200 million in the Series D round of fundraising. Affinity will be represented by Benny Lim, Affinity Managing Director and head of Southeast Asia on the Board of M-DAQ.

Affinity has invested from $6 billion Fund V into M-DAQ, and joins Ant Group, EDBI, NTT Communications, Samsung and Kiwoom-Shinhan, existing investors and business partners of M-DAQ. M-DAQ’s proprietary FX Solutions process over $10 billion in cross-border transactions annually, catering primarily to eCommerce and technology companies. One of its most successful products, Aladdin, allows customers on eCommerce platforms to shop in their home currency, while merchants receive payment in their preferred currency.

M-DAQ marks Affinity’s first technology investment in Southeast Asia. Meanwhile, Affinity has divested from MedicalDirector, a SVCA Resilient Award winner, which it sold to Telstra Health for an enterprise valuation of A$350m ($257m).