China-headquartered conglomerate Fosun has provided €12.5m ($13.3m) in series A funding for Germany-based financial trading technology startup Naga Group.
Founded in late 2015, Naga is the creator of a social network for stock traders called SwipeStox, and is lining up additional ventures including an exchange platform for in-game items and a peer-to-peer currency exchange app.
The funding will be used to accelerate development of the SwipeStox platform. Fosun will integrate Naga and SwipeStox into its group synergy network, which will give them a route into the Chinese market.
Yasin Sebastian Qureshi, chief executive of Naga Group, said: “We are excited about our partnership and especially being the first fintech firm with a solid bridge into [the Chinese] mainland.
“[Closing] one of Europe’s largest early growth investments with only 18 months after incorporation, shows our ambition to grow fast and become a major force as the provider of trading solutions worldwide.”