Funderbeam, a venture-funded trading and exchange platform, has received two financial services licenses from the Monetary Authority of Singapore (MAS).
Funderbeam has received a Capital Market Services (CMS) license and a Recognised Market Operator (RMO) license from MAS, the firm announced in a press release on Wednesday.
The company, which was founded in Estonia in 2013 and is headquartered in the U.K., aims to fill in the gap in venture and SME capital markets by providing access and liquidity to growth investments.
With the CMS license, Funderbeam will be able to make its platform available to companies and investors in Singapore. Additionally, he RMO license will allow it to introduce automated trading and secondary listing to private companies in Europe and Asia to address long-standing liquidity problems present in start-up and SME investment, the statement said.
«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,» Kaidi Ruusalepp, founder and CEO, said.
Singapore-Led Expansion
Funderbeam is backed by the likes of Mistletoe, Draper Associates, Draper Venture Partners, Thomson Reuters and IQ Capital.
In June, the firm announced that it raised $4.5 million in a Series A funding round, which would be used to further its secondary market offering and expansion into Asia, starting with Singapore. It was led by U.K.-based Accelerated Digital Ventures, with GK-Plug and Play Indonesia, and Singapore VC firm Pandan Ventures participating.
So far, the firm has 39 high-growth portfolio companies on its marketplace and has onboarded over 12,000 verified investors from 122 countries.
