International Finance

Singaporean fintech Spark secures $10.5 mn funding from Citi, HSBC

Spark funding
Spark’s will use the funds to further develop its in-house technology

Singapore-based fintech startup Spark has secured around $10.5 million in a fresh funding round to further develop its in-house technology, the media reported.

New investors who participated in the funding round for Spark include Citi Group, HSBC, OSK Ventures International Berhad.

Existing investors that also participated in the funding round include Goldman Sachs, Vickers Venture Partners, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, and FengHe Group.

Monetary Authority of Singapore (MAS), the central Bank of Singapore, also backs Spark through grants from the Financial Sector Development Fund.

Spark offers high-speed trading platforms that promise low latency, resiliency, and cost-efficiency.

Reportedly, the startup is also planning to expand in New York as well as in London.

Spark Systems founder and chief executive officer, Wong Joo Seng told the media, “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. 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.”

Recently, the Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), AMTD Group and AMTD Foundation (collectively, AMTD) jointly announced the launch of a S$6 million fund to support fintech startup in Singapore to weather the COVID19 pandemic.

While AMTD has provided an initial S$2 million for the fund, MAS will provide an additional S$4 million from the Financial Sector Development Fund, taking the total grant amount to S$6 million.

Applications for the Grant will open on 18 May 2020 and will be available until 31 December 2021.

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