Singapore-based institutional foreign exchange platform Spark Systems has raised S$15m ($10.5m) of series B2 funding from investors including financial services firms Citi, HSBC and Goldman Sachs, Paypers reported yesterday.
Private equity firm OSK Ventures also took part in the round, as did asset manager FengHe, venture capital firms Vickers Venture Partners and Jubilee Capital, and hedge fund manager Dymon Asia Capital, both directly and through its Dymon Asia Ventures unit.
Founded in 2016, Spark runs an algorithm-powered online foreign currency exchange that offers low latency to protect large currency buyers such as banks from missing out on their desired trading price because of geographical distance.
The funding will support personnel training, as Spark works to adapt its technology for planned iterations tailored to New York and London-based traders, as well as a bespoke exchange for G10 currencies and certain emerging economies.
The company had previously closed an $8.7m series A round in 2017, and Goldman Sachs, Vickers Venture Partners, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital and FengHe were named by Paypers as existing investors,