AGM Group Holdings has agreed to acquire a 5 per cent stake in Matrix International.
Canada-based Matrix International is a currency exchange platform for individual and business clients. The deal will be through the sale from a controlling shareholder of Matrix.
Founded in 2015, AGM is a trading platform and financial technology solution developer to help brokers and institutional clients operate a better user experience. The Chinese company is focused on three areas, online trading, forex trading brokerage and program trading and computer support.
Its SaaS-based solution enables clients to access trading of over 80 products, which include foreign currencies, commodities, and precious metals.
Earlier in the year, AGM closed the $6.53m IPO, which saw 1.3 million of its Class A ordinary shares sold for $5 a-piece. The shares were sold on the NASDAQ Capital Market under ‘AGMH’.
China has seen a lot of high-level FinTech activity over recent months. Last week, online lending marketplace Dianrong closed $40m in funding, while the previous week saw online investment platform Snowball Finance bag $120m in its Series D.
Earlier in the year, China digital payment giant Ant Financial closed an immense $14bn in its Series C round, from a large pool of international investment firms.
Canada’s market may not be receiving as much capital, but it is still getting a lot of attention. Last month, Canadian credit union Coast Capital Savings has partnered with ebankIT to help the credit union enhance its digital banking offerings. Around the same time of this partnership, employee benefits app League closed a $47m round of funding.
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