Singapore Fintech BondEvalue Attracts New Investor
BondEvalue Pte. Ltd., a Singapore-based Fintech company, has secured a new investor, Beacon Venture Capital, as part of a US$6m Series B round. This investment is the corporate venture arm of Thailand’s Kasikornbank, and it joins existing shareholders MassMutual Ventures and Citigroup who also participated in the round.
Other investors include existing shareholders Potato Productions, a company led by entrepreneur Lee Han Shih, and Octava, a Singapore-based family office. This follows a Series A raise of US$6m in 2021. The additional funding will allow the Company to scale BondbloX Bond Exchange (BBX), its digital exchange for trading fractional and full-size bonds, as well as grow its international expansion to Gujarat International Finance Tec-City (GIFT City) in India.
BondbloX enables investors to buy and sell bonds in denominations of US$1,000 instead of the usual US$200,000 through distributed ledger technology. BBX has seen strong interest from global clients since launching the platform to individual investors last month and also has future plans to list US Bonds on the platform.
The recent announcement follows Citi being the first digital custodian participant of BondbloX Bond Exchange (BBX) for the institutional market. The partnership will allow Citi’s clients to become BBX participants and begin trading bonds almost immediately.
Welcome To Beacon VC
Dr. Rahul Banerjee, Co-Founder and CEO said: “We are immensely honoured to welcome Beacon VC to our Series B round, as well as other new and existing shareholders including Citi and MassMutual Ventures. The bond market is broken globally, and BondbloX is on a mission to allow individual investors the same access to the market that institutional firms enjoy.”
In joining the recent round Thanapong Na Ranong, Managing Director of Beacon VC, said: “BondbloX is truly innovating Bond investing and disrupting an asset class which has lagged in digitization. The use of distributed ledger technology coupled with traditional financial custodians excites us and has great potential to re-shape the bond market for all.”
Henry Salmon, Head of Investments, Securities Services at Citi stated: “The digitization of markets, assets and processes is an accelerating industry trend and a key investment theme for Citi. We are delighted to continue our investment in BondbloX.”
Hot Take
BondEvalue’s success with their Series B funding round shows promising growth for BondbloX Bond Exchange (BBX), signaling strong interest from global clients and potential for reshaping bond investing with distributed ledger technology.
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