(Bloomberg) -- Singapore fintech startup M-DAQ Pte won the backing of Samsung Group’s venture capital fund in a bid to expand in South Korea and beyond.

With Samsung’s investment in its pre-series D round, the company’s valuation will exceed S$500 million ($368 million), up from S$250 million in November 2015, according to Chief Executive Officer Richard Koh. M-DAQ didn’t disclose the amount of Samsung’s investment.

“Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well,” according to a release by M-DAQ.

Other backers of M-DAQ include Ant Financial, EDBI, GSR Ventures, and Vickers Venture.

To contact the reporters on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net;Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Reinie Booysen

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