By John Reynolds on Thursday 26 September 2019
Funding and trading platform is looking to grow its subsidiary in Singapore.
Funderbeam, the funding and trading platform for private companies, has been granted two financial service lincenses in Singapore, as it looks to grow its business in the financial hub.
The startup, which earlier this year raised $4.5m (£3.6m) to push into new markets, has earmarked Singapore as a key growth market.
Its Singapore-based subsidiary, Funderbeam Markets Pte has been granted a Capital Market Services (CMS) licence and a Recognised Market Operator (RMO) licence by the Monetary Authority of Singapore.
The licences will give the company a more robust presence in Singapore and help it to strike deals with Singapore-based companies and investors.
Funderbeam is also likely to be benefit from Singapore's presence as a hub for financial services, which has meant that companies outside of Singapore have established holding companies in the country.
Funderbeam, which is headquartered in the UK and was founded in 2013, provides access and liquidity to growth-stage investments via its information and trading platforms.
The company, which has recently launched in Scandinavia and the UK, uses blockchain to power its ledger.
“Our vision is to be the funding and trading platform of global private companies. To achieve this, we had to introduce a new business model and technology that could overcome the limitations of the existing, regulated alternative markets.” said Kaidi Ruusalepp, founder and CEO, Funderbeam.
“We are very pleased to have been recognised by MAS in Singapore – underscoring the high degree of trust towards our vision. As we will soon be operating in two continents, obtaining recognition from the MAS adds further assurances to the robustness of our established marketplace and distinguishes us as a truly global funding and trading platform.”
Funderbeam says it has 39 companies on its marketplace and has attracted 12,000 investors across 122 countries.