MPFunds received $1.1 M Pre-seed funding to scale up, enter wider APAC region
A well-known Singaporean angel investor from the region’s software and information technology (IT) industry contributed SGD 1.5 million ($1.11 million) to the funded trader program MPFunds, which is based in Singapore.
According to a statement released by MPFunds on Wednesday, the investment will speed up the company’s plan to expand into the larger Asia Pacific region and scale up the platform to accommodate a varied and quickly expanding audience.
MPFunds has set its sights on quick market expansion in the third quarter of 2023 with a strong drive to accelerate growth, specifically focusing on important markets like Malaysia, Thailand, Vietnam, and Taiwan.
On May 4, 2023, MPFunds made its eagerly awaited entry into the Asian market, motivated by its dedication to democratizing access to the financial sphere.
The business approaches trading from a human perspective, giving potential traders access to up to $400,000 in trading capital.
The Singapore-based startup wants to use its deep understanding of the financial markets and the technology landscape to its advantage as they continue to grow.
“At MPFunds, our primary focus is on creating a conducive trading ecosystem that equips traders with the essential guidance needed for a seamless start to their trading journey,
“Our commitment lies in empowering undercapitalized traders, both amateurs and experts alike, within Asia, a region that boasts one of the largest trader communities worldwide,” said Dean Wong, Chief Executive Officer of MPFunds.
In addition to capital, MPFunds provides professional trading courses taught by renowned economist Dr. Tan Kee Wee. Dr. Tan Kee Wee draws on his vast experience working at prestigious financial institutions like Standard Chartered Bank, OCBC, and UOB to give traders insights into economic cycles.
In partnership with Singapore’s comprehensive mental health clinic Annabelle Psychology, the platform also has a separate division for psychological support.
Through this partnership, traders will be given the tools they need to manage their emotions while trading and keep a positive outlook.
The funding round’s investment will be used by MPFunds to accomplish a number of strategic goals.
These include strengthening their efforts to hire top talent, growing and improving the platform’s automated services, and giving security measures top priority in order to improve user experience.
“We will also be investing in thorough market research and groundwork for us to expand into the wider Asian market,
“Understanding the unique demography and consumer segments of each country will ensure we deliver tailored solutions to meet the diverse needs of traders,” Wong added.
The company, according to the statement, is also addressing the important need of increasing awareness and fostering understanding of Funded Trader Programs through vigorous public education initiatives, equipping traders with knowledge about the program’s enormous potential for benefits and opportunities.
