Spark Systems, an online FX trading platform based in Singapore, has raised US$15 million in “Series BB” funding round from a host of new and existing investors, including Citi, HSBC, Goldman Sachs, and Malaysia’s OSK Ventures.
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Vickers Ventures, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, and FengHe also returned to invest in the new round.
The company said that the funding would be used to enhance its current platform, develop analytics, advance its team training and build rapid modules that can onboard clients quickly.
Spark Systems also added that it intends to gradually expand into major financial centres of New York and London and develop a marketplace for G10/emerging economies currencies with a low latency trade matching data centre, which will be located in Singapore.
“This can catalyse and enhance price discovery, transparency and deepen market expertise. This is expected to reduce trading costs significantly,” the company said in a statement.
Founded in 2016, Spark Systems is a trading platform that aims to enhance usability and optimise user experience by providing a stable and ultra-low latency market place with an aggregator and algorithms for execution.
The firm has previously closed a funding round about four years ago. This brings its total funding raised to date to over US$22 million.
Trading has, in general, zoomed across the globe earlier this year as many individuals begin to panic-sell currencies, equities and commodities in the coronavirus-induced market.
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“This funding is occurring during a period of significant macro-economic upheaval further underscoring the strategic nature of the FX industry infrastructure requirement we are addressing,” said Wong Joo Seng, Founder of Spark Systems.
Spark Systems 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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Image Credit: Avinash Kumar
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