In Asia, a future FinTech heavyweight raises more than $ 12 million … in seed money

by bold-lichterman

Marvelstone tech, a start-up subsidiary of the Singaporean investment company Marvelstone, announced a fundraising “seed” of … 12.4 million dollars from private investors. Marvelstone Tech is preparing to become a major player in the FinTech sector with the launch in March of a financial services platform for businesses and SMEs. Initially, the target market is South Korea.

The activity of Marvelstone Tech will rely primarily on big data, with revenue forecasts already set between 100 and 300 million Singaporean dollars (between 65 and 190 million euros) for the year 2016, specifies FinTech Asia. To become the leader in FinTech in Asia, the company is relying in particular on partnerships with other Fin Tech start-ups but also with local banks. Within three to four years, Marvelstone Tech intends to list all companies listed on the Singapore Stock Exchange (SGX).

The company is currently based in Singapore, within the “10K” accelerator, managed by parent company Marvelstone which intends to accelerate 10,000 start-ups in the next seven years, details TechInAsia. The investment company is also present in Hong Kong and South Korea. It invests in several sectors such as insurance, hotels, the media and real estate.