Fintech startup Spark Systems has completed its first close of Series B funding at USD 10.5 million from Citi, HSBC, and OSK Ventures. They are joined by existing investors Vickers Venture, Dymon Asia Ventures, and Goldman Sachs.
The foreign-exchange platform will use the fresh capital to expand its business into New York and London, and to further enhance its in-house tech capacity. It plans to develop a marketplace for G10 and emerging economies currencies, with a low-latency trade matching data center located in Singapore. The firm also aims to grow a Singapore-based FX marketplace for corporate treasuries, institutional users, and international banks.
“We are grateful for the confidence placed in Spark Systems by some of the most respected and influential financial institutions in the world,” said the firm’s founder and CEO Wong Joo Seng in a statement. “That this is occurring during a period of significant macroeconomic upheaval further underscores the strategic nature of the FX industry infrastructure requirement we are addressing.”
Spark Systems is headquartered in Singapore and 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).