Singapore-based Fintech Startup Raises S$17.7M Seed Capital

Singapore, 19 February 2016 – A startup focusing on financial services in Asia has just raised S$17.7 million ($12.4 million USD) in seed funding from angel investors.

Marvelstone Tech, headquartered in Singapore, is a fintech platform housed under Marvelstone Group, a private investment company.

Marvelstone Tech will serve as a platform for fintech opportunities to come together under one integrated platform. Fundeast, a Fintech platform launched by Marvelstone Group, in August last year, is now merged with Marvelstone Tech to create a more consolidated platform.

The goal is to provide financial products and solutions using innovative and cost-effective methods, creating value for consumers, said Joe Seunghyun Cho, Chairman of Marvelstone Group.

This is considered to be amongst the biggest seed rounds in Asia this year, said knowledgeable insiders.

Marvelstone Tech’s core business will begin with big data-driven SME financing in Korea, set to launch in March 2016. Revenue projections are set around S$100-300 million for this year.

 

Fintech set to kick off in 2016

There are several reasons for fintech investors to be bullish on Asia, said Joe Cho.

Gina Heng, CEO of Marvelstone Group said, “We see tremendous opportunities for fintech in Asia, especially due to the 1.2 billion unbanked population, a large SME finance gap and the fragmented state of the region.”

Joel Ko Hyun Sik, Managing Partner of Marvelstone Group added, “While our focus is on acquiring and developing business under our platform, we are also happy to partner and collaborate with other fintech startups, financial institutions and corporates to bring greater value to the market.”

The trio chose Singapore as the home for Marvelstone Tech, due to its position as Asia’s leading fintech hub. The company aims to grow as the biggest Fintech platform in the region of Asia and will be using the funds for operations and acquisitions of fintech and financial companies under the platform.

The core partners at Marvelstone Group also have diverse expertise and a deep understanding of financial services, especially in Asia. “Our knowledge and ability to structure financial products in both traditional and alternative investment spaces serves as a competitive advantage for us.” said Joel Ko.

 

Growth plans for Marvelstone Tech

In the pipeline are plans to set up an asset management company in both Singapore and Korea, said Joe Cho.

“Marvelstone Tech plans to list in the Singapore Exchange (SGX) within the next 2-3 years, to raise funds from the public market for acquiring financial institutions and fintech startups such as IFAs and securities companies that will add further value to the fintech platform,” he added.

For additional details about Marvelstone Group and Marvelstone Tech, please email to media@marvelstone.co

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