Taiwan-based fintech firm XREX Circles has garnered $17 million in a pre-Series A round funding led by CDIB Capital. In a separate development, China Three Gorges has acquired Dubai-based Alcazar Energy Partners (AEP).
Taiwan’s XREX snags $17m in pre-Series A
Taipei-headquartered crypto-fiat fintech firm XREX has closed a $17 million pre-Series A funding round, it announced on Monday.
The latest round was led by Taiwan-based venture capital firm CDIB Capital Group. Other investors that joined the round include SBI Investment, AppWorks, Black Marble, Global Founders Capital and ThreeD Capital.
Set up in 2018, XREX offers blockchain-based tools to help merchants and SMEs in emerging markets with low US dollar liquidity reduce forex loss and gain access to dollars.
XREX had closed a $7 million seed round in 2019 led by AppWorks and joined by Toivo Annus, Black Marble, CDIB, Taiwan government’s National Development Fund, WI Harper, and BitoEx.
Proceeds of the latest funding round will be deployed to expand the firm’s fiat currency portfolio, acquire additional licences and forge partnerships with more financial institutions and digital wallets, it said.
China Three Gorges acquires Alcazar
A consortium comprising state-owned clean energy giant China Three Gorges has acquired Middle East-based renewable energy developer Alcazar Energy Partners (AEP).
According to a Bloomberg report, the deal values Dubai-headquartered AEP at about $1 billion, including debt.
AEP has built five solar and two wind projects in Egypt and Jordan with a total operational capacity of 411 MW. Its investors include Blu Stone Management, DASH Ventures, IFC and IFC’s Catalyst Funds and Mubadala Infrastructure Partners.
China Three Gorges participated in the deal via its investment unit, China Three Gorges South Asia Investment (CSAIL). In a statement, the Chinese firm said the acquisition will help extend CSAIL’s business presence in the Middle East and North Africa (MENA) market.
The MENA region is set to attract renewable energy investments of $175 billion investment in the next decade, CSAIL said. It primarily backs and operates renewable power generation projects in Asia. Shareholders include International Finance Corporation and Silk Road Fund.