Singapore-based Fintech BondEvalue Pte. Ltd. has added new investor Beacon Enterprise Capital, the company enterprise arm of Thailand’s Kasikornbank, to its cap desk as a part of a US$6m Collection B spherical, in keeping with official announcement. Beacon Enterprise Capital joins present shareholders MassMutual Ventures and Citigroup who additionally participated within the spherical.
Different traders embody present shareholders Potato Productions, an organization helmed by entrepreneur Lee Han Shih, and Octava, a Singapore-based household workplace.
The newest spherical follows a Collection A increase of US$6m in 2021. This extra funding will permit the Firm to scale BondbloX Bond Alternate (BBX), its digital trade for buying and selling fractional and full-size bonds, in addition to develop its worldwide enlargement to Gujarat Worldwide Finance Tec-Metropolis (GIFT Metropolis) in India, which not too long ago went reside.
Powered by distributed ledger know-how, BondbloX permits traders to purchase and promote bonds in denominations of US$1,000 as an alternative of the standard US$200,000, and thru a public trade the place costs are extremely clear.
BBX has seen sturdy curiosity from international shoppers since launching the platform to particular person traders final month. BBX additionally has future plans to checklist US Bonds (Treasuries in addition to Company Bonds) on the platform.
This announcement follows the announcement made final month that Citi is the primary digital custodian participant of BondbloX Bond Alternate (BBX) for the institutional market. The partnership will permit Citi’s shoppers that meet sure standards to develop into BBX contributors and start buying and selling bonds (each fractionalised and full-sized) virtually instantly.
“We’re immensely honoured to welcome Beacon VC to our Collection B spherical, in addition to different new and present shareholders together with Citi and MassMutual Ventures,” mentioned Dr. Rahul Banerjee, Co-Founder and CEO. “The bond market is damaged globally, and BondbloX is on a mission to permit particular person traders the identical entry to the market that institutional corporations take pleasure in. We look ahead to working along with Beacon VC and different traders to redefine Bond investing” he added.
In becoming a member of the current spherical Thanapong Na Ranong, Managing Director of Beacon VC, mentioned, “BondbloX is really innovating Bond investing and disrupting an asset class which has lagged in digitization. Using distributed ledger know-how coupled with conventional monetary custodians excites us and has nice potential to re-shape the bond marketplace for all.”
Henry Salmon, Head of Investments, Securities Providers, Citi, mentioned: “The digitization of markets, property and processes is an accelerating trade pattern and a key funding theme for Citi. We’re delighted to proceed our funding in BondbloX. I consider their embrace of recent know-how and the innovation within the bond market has delivered a novel worth proposition.”
Picture supply: Shutterstock
