M-DAQ, a Singapore-based financial technology company which provides a foreign exchange (FX) platform for investors to trade foreign currency denominated securities in their local currency, has raised S$14.5m ($11.7m) in series B funding led by China-focused venture capital firm GSR Ventures and Citi Ventures, the corporate venturing arm of US financial services company Citi.
M-DAQ has now raised total funding of $24.2m.
Wei Hopeman, Citi Ventures’ Asia managing director, who joins the board of M-DAQ, said: “Through our investments in businesses that have the potential to transform the financial services industry, Citi Ventures is fostering the development and growth of emerging technologies that will ultimately help our clients meet their goals and generate new value for Citi. We are supporting M-DAQ because we believe in its ability to simplify and enhance the way investors trade cross-border securities.”
Wong Joo Seng, M-DAQ’s chairman, said: “I’m thrilled to have GSR Ventures and Citi Ventures, which are among the premiere global venture firms in Asia and in the US working with us on our endeavor.”
Richard Koh, M-DAQ’s chief executive officer, said: “We’re excited to close this round of funding. The capital helps us deploy our solution in multiple venues simultaneously.”
Ong Peng Tsin, adviser to GSR, who joins M-DAQ’s board, said: “GSR funds transformative technologies that answer obvious social and business needs. Both institutional and retail investors would benefit from M-DAQ motto of helping them in “Trading the Right Curve®” and thus removing the foreign currency component from their trading decisions.”