Singaporean FinTech startup Spark Systems has raised USD 10.5 million in its Series B funding, bringing its total raised capital to USD 22 million. Participating in the round were new investors Citigroup, HSBC Holdings and OSK Venture, as well as existing shareholders Goldman Sachs, Vickers Venture Partners, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, and FengHe Group.
The foreign-exchange platform announced its plans to use the funding to develop its in-house technology, as well as expand its business into New York and London.
“We are grateful for the confidence placed in Spark Systems and the resources; in both deep insight and funding accorded to us to develop a premier deep tech trading platform by some of the most respected and influential financial institutions in the world,” said Spark Systems founder and CEO Wong Joo Seng. “That this is occurring during a period of significant macro-economic upheaval further underscores the strategic nature of the FX industry infrastructure requirement we are addressing.”
During the first quarter of this year, the Singaporean startup recorded an average of USD 5.5 billion in daily trading volume, up from USD 2.5 billion in the previous year. However, the global economic slowdown in the wake of the coronavirus pandemic is starting to take a toll on the second quarter, with the average trading volume lowering to between USD 4.5 billion and USD 5 billion a day.
“If you have GDP shrinking, if you have numerous companies that are badly affected, it will affect the level of economic activity and the amount of forex being traded,” explained Wong.
Founded in 2016, Spark Systems is a Singaporean FinTech company offering innovative trading solutions for foreign-exchange platforms across Asia. The company aims to bridge the gap between buyers and sellers under one platform, providing an ultra-fast, ultra-low latency, resilient and cost-effective marketplace for institutional investors.