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GXS Bank Secures S$229.5 Million Capital Boost from Singtel and Grab

June 28, 2024

In a significant move, GXS Bank has received a substantial S$229.5 million capital injection from its backers Singtel and Grab, as detailed in recent filings with Singapore’s regulatory authorities.

  • Planned Growth Strategy: This funding is part of a carefully planned share issuance outlined in a shareholders’ resolution back in January.

  • Financial Performance: Despite reporting increased losses with FY 2023 ending in a S$208.2 million deficit, GXS Bank’s revenue skyrocketed to S$16.1 million from S$5.1 million the previous year.

  • Market Impact: GXS Bank’s FlexiLoan product, has disbursed over 100,000 loans in its debut year, targeting gig workers and underserved customers.

  • Deposit Growth: GXBank leads with over 90% of depositors from Grab users.