The new Singapore-based fintech startup will be focussed on using data to fund SMEs in Korea
Marvelstone Tech, a Singapore-based platform to facilitate fintech opportunities, announced today it raised a S$17.7 million (US$12.6 million) seed round from angel investors, as first reported by FintechAsia.
The startup is a subsidiary arm of South Korea’s private investment firm Marvelstone Group.
Furthermore, Fundeast, another Marvelstone fintech platform launched in August last year, will be integrated into Marvelstone Tech to centralise the service.
US$12.6 million is an impressive funding round for any company, but the fact that it is a seed round reportedly led by a group of angel investors is certainly an eyebrow-raiser.
However, while Marvelstone Tech is launching in Singapore, it will not be focussed on the city. The main goal of the platform will be to fund SMEs in Korea with data-driven analytics — the program will be launched in March.
Marvelstone Group does have a an accelerator based in Singapore called 10K, named after the goal of incubating 10,000 ideas.
Looking ahead, Marvelstone Tech wants to set up an asset management company in Singapore and Korea.
Additionally, the company hopes to list on the Singapore Exchange (SGX) in the next two to three years. The goal of that move, according to the article, would be to raise funds on the public market to acquire other financial institutions and fintech startups.
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