MPFunds CEO Dean Wong
Singapore-based funded trader programme MPFunds has secured SG$1.5 million (US$1.1 million) in a pre-seed funding round from an undisclosed Singaporean angel investor.
The fresh funds will be used by MPFunds to expand into the wider Asia Pacific region and scale up the platform to cater to a diverse and rapidly-growing audience. The key focus areas include team expansion through talent acquisition, continued development and enhancement of the platform’s automated services, and prioritisation of security measures to enhance the overall user experience.
Funded trader programs such as MPFunds offer substantial capital to individuals to trade. The company takes a human-centric approach to trading and follows a profit-sharing model, where traders and the company split the profits.
Positioning itself as the first of its kind in Asia, MPFunds debuted earlier this month and provides aspiring traders with coaching, guidance, and access to trading capital of up to US$400,000.
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MPFunds goes beyond providing capital by offering professional trading courses led by economist Tan Kee Wee, who brings extensive experience from renowned financial institutions such as Standard Chartered Bank, OCBC, and UOB.
Additionally, to address the emotional challenges of trading, MPFunds has established a dedicated psychological support arm in collaboration with Annabelle Psychology, a leading mental health practice in Singapore.
“We will invest in thorough market research and groundwork to expand into the wider Asian market. Understanding the unique demography and consumer segments of each country will ensure we deliver tailored solutions to meet the diverse needs of traders,” said Dean Wong, CEO of MPFunds.
With a strong impetus to accelerate growth, MPFunds has set its sights on swift market expansion in the third quarter of 2023, specifically targeting key markets such as Malaysia, Thailand, Vietnam, and Taiwan.
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Image credit: MPFunds
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