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Citi, HSBC, and Goldman Sachs-backed Spark Systems raises USD 10.5 mln

Friday 15 May 2020 06:55 CET | News

Singapore based financial technology startup Spark Systems has raised USD 10.5 mln in Series BB funding round from two Tier 1 global banks and a South East Asia focused investment company.

Incoming investors are Citi and HSBC as well as OSK Ventures. They will join the existing investor base; Vickers Venture, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, FengHe and Goldman Sachs, a global investment banking, securities, and investment management business.

The funds raised help Spark Systems to further develop its in-house technology functionalities by deepening the expertise of the development team and building modules for onboarding of clients and counterparties and analytics.

Spark also intends to expand its footprint into major financial centres of New York and London, and develop a marketplace for G10/emerging economies currencies with low latency trade matching data centre located in Singapore with an aim to catalyse price discovery, transparency, and deepen market expertise, according to the official press release.

Spark Systems is headquartered in Singapore and is a grant recipient of the Financial Sector Development Fund (FSDF) under the Financial Sector Technology and Innovation (FSTI) scheme from the Monetary Authority of Singapore (MAS).

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Keywords: Citi, HSBC, Goldman Sachs, Spark Systems, trading, investment, Singapore, analytics, FX
Categories: Banking & Fintech | Payments General
Countries: Singapore
This article is part of category

Banking & Fintech