The First Eastern Investment Group (“First Eastern”) a leading Hong Kong-based investment group, is pleased to announce that it has made a significant investment into Hong Kong-based FinTech start-up Valoot Technologies Limited (“Valoot”).
Launched in 2016, Valoot is a solution that provides consumers with the transparency of market-based foreign exchange rates, the real-time option to select the currency of their choosing during a purchase, and to prevent hidden fees and commissions currently charged by banks and credit card companies.
Through its proprietary multi-currency pricing solution for the merchant’s point of sale, Valoot is transforming foreign exchange for an array of sectors including the retail, hotel and leisure industries. Valoot provides a win-win solution for the two parties most involved in a transaction: consumers and merchants. It gives consumers more transparency and control during overseas purchases and provides merchants with an additional revenue stream from non-cash transactions. In addition, the Valoot solution provides savings for consumers and protects them from detrimental and unpredictable foreign exchange fluctuations.
First Eastern’s investment will boost the start-up’s management expertise and leverage First Eastern’s strong network of merchants and partners for Valoot to continue to grow internationally. Valoot has also recently launched a partnership with WeChat Pay in the UK, and First Eastern’s investment will enable Valoot to further explore other cutting-edge solutions in new markets as it continues to expand.
Mr. Victor L.L. Chu, Chairman and Chief Executive Officer, First Eastern Investment Group commented: “This investment presents an exciting opportunity for First Eastern to support local innovative start-ups in Hong Kong in the fast-growing FinTech industry. I believe that Valoot provides a solution that will offer tremendous value to consumers and merchants alike, and we look forward to seeing the company continue to grow from strength to strength.”
Mr. Ovidiu Olea, Founder & CEO of Valoot Technologies Limited commented: “Valoot is delighted to receive the backing of First Eastern and we look forward to our partnership with Victor and his team. The support and investment from such an influential and experienced investor is further validation of Valoot’s business model and expansion plans.”