Singapore based Spark fintech Systems has secured US$10.5 Million in Series B funding round driven by Citi and HSBC as well as OSK Ventures.
Founded in 2016, Spark Systems is working on a “next-generation high-speed trading platform” that is said to be more flexible and cost-efficient.
The company closed its last funding round about four years ago and now after an end of a fresh funding round, it claims that it has raised around US$22 Million as of now. Spark Systems founder & CEO, Wong Joo Seng announced that they are grateful to have the most respected and influential financial institutions in their company.
Gavin Powell, Head of Global Markets, HSBC Singapore, said that Spark’s technology advancement will portray Singapore as a leading global venue for the forex market.
Patrick Yee, Executive Director, OSK Ventures International Berhad, further added that Seng and his team have been putting all possible efforts on making the FX connectivity in store for a truly global trading platform.
According to the company, the latest funding will help Spark Systems to further enhance its in-house technology competencies by enhancing the expertise of the development team and designing updated modules for rapid growth in the onboarding of clients and counterparties and improved analytics.
Spark also plans to expand its presence into the major financial part of New York and London. The company also intends to introduce a marketplace for G10 ( Group of Top 10 Economy Countries of The World ) developing economies with low latency trade matching data center situated in Singapore.
Spark Systems headquartered in Singapore is a grant beneficiary of the Financial Sector Development Fund (FSDF) under the Financial Sector Technology and Innovation (FSTI) scheme from the Monetary Authority of Singapore (MAS).