The fintech startup has received an injection in funding to build its next-generation high-speed trading platform that is resilient, ultra-low latency, and cost-efficient.
Spark Systems has announced the first close of its series BB round, with $10.5 million raised from Citi, HSBC, and OSK Ventures, the startup said in a statement on Friday.
The funds raised will go towards developing in-house technology capabilities and building modules for the rapid onboarding of clients and counterparties, and improved analytics.
«That this is occurring during a period of significant macro-economic upheaval further underscores the strategic nature of the FX industry infrastructure requirement we are addressing,» Wong Joo Seng, Spark Systems founder and CEO, said about the raise.
Supporting the Global FX Ecosystem
Spark also has plans to expand to New York and London, and develop a marketplace for G10/emerging economies currencies with a low latency trade matching data center located in Singapore, which is expected to significantly reduce trading costs, the announcement said.
Spark is a grant recipient of the Financial Sector Development Fund under the Financial Sector Technology and Innovation scheme from the Monetary Authority of Singapore (MAS). Its existing backers include Vickers Venture Partners, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, Feng He and Goldman Sachs.
