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KB Securities led $20 M Pre-series B funding secured by ADDX

A pre-series B expansion round sponsored by KB Securities, a division of South Korea’s KB Financial Group, netted the Singapore private market exchange ADDX US $20 million.

In addition to the US $58 million that ADDX initially raised in May, the new capital infusion was announced by the company in a press release.

Blockchain and smart contract technology are used by the Monetary Authority of Singapore-regulated ADDX to automate the labor-intensive procedures of private market investment. Secondary trading is also permitted, and the minimum subscription size is reduced from US $1 million to US $5,000.

With the additional funding, the business plans to expand its new wealth management platform for family offices, private banks, and brokerages. A portion of the investment will also go toward the company’s plans for international development, which will involve entering a number of new markets.

The investment from KB Securities coincides with ADDX’s noteworthy expansion, which has seen its user base rise by 80% year over year, according to the Singaporean company.

The Stock Exchange of Thailand, the Singapore Exchange, investment firm Hamilton Lane, Temasek subsidiary Heliconia Capital, and UOB are among the companies that own ADDX. Moving ahead, KB Securities will investigate potential alliances with ADDX.

“Our clients will benefit from the innovation and dynamism one can expect when ADDX and KB Securities work for hand in glove. We will grow together. We will be a collective force for good in Asia’s capital markets,” says ADDX CEO Oi-Yee Choo.

 

 

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