Digital bank GXS Bank receives S $229.50 million capital injection

Digital bank GXS Bank has received a S $229.50 million capital injection from backers Singtel and Grab, according to regulatory filings filed with the Accounting and Corporate Regulatory Authority of Singapore. Grab subscribed for the majority of the 229.50 million shares at S $1 per share. The company was allocated 191.80 million shares, while Singtel was allocated 37.70 million shares. The capital injection was part of the share offering and placement plan announced in the resolution of the shareholders' meeting in January, when Grab injected 145 million S $. As part of the resolution, Singtel received 90.10 million outstanding shares in this round of financing.
According to regulatory filings retrieved by data platform Handshakes, GXS's latest financial report showed widening losses, with a loss of S $208.20 million in fiscal year 2023 to December 31, compared with a loss of S $132.50 million in the same period last year. Its full-year revenue rose to S $16.10 million from S $5.10 million in fiscal year 2022.