Global blockchain stock exchange Funderbeam obtains new licenses to enable trading of private companies and to provide availability of funding options for start-ups in Singapore.
Funderbeam, a global blockchain funding and trading platform for investors to buy and sell equity stakes in private companies, announces its received two financial service licenses by the Monetary Authority of Singapore (MAS) to its Singapore-based subsidy, Funderbeam Markets Pte Ltd.
This comprises a Capital Market Services (CMS) license and a Recognised Market Operator (RMO) license which will help Funderbeam in its next stage of growth – the creation of a true, global secondary market for private businesses across Europe and Asia.
Founded in Estonia in 2013, the company is headquartered in the UK and regulated in Europe by the Financial Conduct Authority (FCA).
According to Funderbeam Founder and CEO Kaidi Ruusalepp, the company aims to fill in the gap in venture and SME capital markets by providing access and liquidity to growth investments; namely by introducing trusted structures and technology to provide 24/7 global access to the service.
“Our vision is to be the funding and trading platform of global private companies. To achieve this, we had to introduce a new business model and technology that could overcome the limitations of the existing, regulated alternative markets. We are very pleased to have been recognised by MAS in Singapore – underscoring the high degree of trust towards our vision. As we will soon be operating in two continents, obtaining recognition from the MAS adds further assurances to the robustness of our established marketplace and distinguishes us as a truly global funding and trading platform,” says Ruusaleep.
Previously, Japanese incubator Mistletoe invested €2 million toward Funderbeam’s expansion into SE Asia. Mistletoe founder Taizo Son says since March 2017, Mistletoe and Funderbeam have worked together to launch a startup funding ecosystem in Asia centered around Singapore.
“It took years of hard work, but now it has begun. Mistletoe and Funderbeam will form a community of startups, investors and family offices in Asia, open up Asian investment opportunities to Europe and support various startups to make positive impacts in Asian countries. I’m so thrilled to move forward together with Funderbeam,” says Son.
To date, Funderbeam claims it has 39 high-growth portfolio companies on its marketplace and has onboarded over 12,000 verified investors across 122 countries. Since the platform’s inception, Funderbeam says more than USD 3 million worth of investment shares have been exchanged via Funderbeam’s initial, limited secondary marketplace.
Having now secured an RMO trading license, Funderbeam says it can accelerate the growth of its secondary offer, namely by introducing automated trading and secondary listing service to any private company in Europe and Asia and solve the long-standing liquidity problems present in start-up and SME investment.
“With the CMS license, Funderbeam will now be able to make its platform available to Singapore-based companies and investors. With Singapore being a key regional hub in Asia for financial services, innovation and funding, many companies outside Singapore have established their holding entity in the nation, which would enable Funderbeam to serve the wider Asia region,” says Ruusaleep.