Spark Systems said to raise $10.5m in new funding round

Singapore-based Spark Systems, an institutional forex trading platform, has allegedly raised $10.5m in its “Series BB” round.

The capital infusion was supplied by Citi, HSBC and OSK Ventures, according to a number of reports in the media. Previous Spark Systems backers Vickers Ventures, Dymon Asia Ventures and Goldman Sachs also contributed to the round.

Following the close of the round, the FinTech is looking to move into the London and New York markets, the reports claim. Capital will also be spent on improving its technology stack, enhancing the skills of its team and building new tools that accelerate client onboarding and analytics.

Spark Systems is also looking to build a marketplace for emerging economies currencies, they state.

The FinTech company has built an FX trading platform which aims to bridge the gap between product offerings and actual user needs. Its technology supports low-latency execution, FX aggregation and optimised user experience, it claims.

The FinTech platform previously raised $5m in a funding round back in 2016.

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