Latham & Watkins Advises Affinity Equity Partners in S$200 Million Investment in M-DAQ

Latham & Watkins advised Affinity Equity Partners (Affinity), one of the largest dedicated Asian private equity firms, in its S$200 million (approximately US$148 million) investment into Singaporean fintech company M-DAQ Pte Ltd (M-DAQ).

The investment was part of a Series D funding round and sees Affinity join the board of M-DAQ alongside M-DAQ’s management and staff. As part of the investment Affinity will partner with M-DAQ to work towards strengthening M-DAQ’s market position as the leading FX specialist for businesses globally.

Affinity is one of the largest independent private equity firms in Asia Pacific, and currently advises and manages approximately US$14 billion of funds and assets. M-DAQ, founded and headquartered in Singapore, is one of the leading fintech enterprise software as a service (SaaS) companies, focusing on providing specialized technology-enabled financial services to enterprise customers and other downstream fintechs. M-DAQ’s proprietary FX solutions process over S$10 billion in cross border transactions annually.

The deal team was led by Hong Kong partner Amy Beckingham with Hong Kong associates Edward Tang and Mark Hu and London associate Venice Ma.