ADDX Extends Pre-series B Round With US$20 Million Raise Led by Korea’s KB Securities
by Fintech News Singapore November 15, 2022Global private market exchange ADDX announced that it has raised approximately US$20 million in an upsized Pre-Series B round led by KB Securities, a subsidiary of Korea’s KB Financial Group (KBFG).
The round kicked off in May 2022 when ADDX announced a US$58 million fundraise, bringing its total funds raised to around US$140 million since its inception in 2017.
KB Securities and ADDX will also explore possible tie-ups to expand private market services in Asia, including potential collaborations in Singapore or Korea.
Part of the newly raised capital will go towards growing ADDX Advantage, the company’s wealth management platform launched earlier this year for private banks, brokerages and family offices.
The investment will also be used to fund the firm’s global expansion, which includes plans to enter more markets both by working with partners and by obtaining new licenses.
KB Securities joins more than a dozen financial institutions that have become shareholders of ADDX. These include Singapore Exchange (SGX), Stock Exchange of Thailand (SET), Hamilton Lane, Temasek subsidiary Heliconia Capital, UOB, Tokai Tokyo Financial Holdings, the Development Bank of Japan (DBJ), Kiatnakin Phatra Financial Group, Krungsri Bank and Hanwha Asset Management.
Oi-Yee Choo
Oi-Yee Choo, CEO of ADDX said,
“KB Securities, which belongs to Korea’s biggest banking group, has now backed us – a truly exciting development, filled with potential and opportunity. Our clients will benefit from the innovation and dynamism one can expect when ADDX and KB Securities work hand in glove. We will grow together. We will be a collective force for good in Asia’s capital markets.”
