Singapore-based fintech startup DEXFT has raised $460, 000 in a new oversubscribed round of funding. The funding round was led by blockchain and cryptocurrecny fund –LuneX Ventures and Singapore-based state-owned SGInnovate, which helps entrepreneurial scientists build deep tech startups.
London-based hedge fund CDAM also participated in the funding round along with few other undisclosed private investors for DEXFT the fintech startup headquartered in Singapore.
Singapore fintech DEXFT, which stands for decentralised trade funds, through its platform brings investors and asset managers together and thus eliminates intermediaries from the process.
DEXFT has been collaborating with its strategic partner Mindful Wealth on completion of its proof of concept. According to media reports, the startup will use the new funding to launch its product and also upgrade its technology.
Mario Aquino, co-founder and president of DEXTF told the media, “Traditional asset management is an industry experiencing a period of significant change, driven by the rise of ETFs (exchange traded funds) and passive investments, the search for yield and diversification in a low-interest-rate environment, and the increasing cost of legacy infrastructure with multiple intermediary layers. “
He added, “With DEXTF we are building a new asset management paradigm. One that not only helps traditional asset managers dramatically lower costs, and taps into new investment asset classes, but also significantly lowers barriers to entry, and democratises the allocation of resources to enable a new generation of digital asset managers.”
A London-based fintech startup called Rapyd launched an all-in-one payment platform in Singapore that facilitates real-time interbank payments, international debit and credit cards, digital wallets, Kiosk payments, and mobile and epayment methods.
Recently, another Singapore-based fintech startup InstaReM backed out from the process of acquiring a wholesale digital banking licence. According to the startup, it has decided to consolidate and focus on its strength instead of venturing into a new direction.