UOB backs Singapore private exchange’s $58m pre-series B

Singapore private market exchange ADDX has raised US$58 million in a pre-series B funding round, bringing in UOB and the Stock Exchange of Thailand (SET) – through its subsidiary SET Venture Holding – as shareholders.

Private markets services provider Hamilton Lane and Krungsri Finnovate, the corporate venture capital arm of the Bank of Ayudhya (Krungsri), also took part in the funding round. This pushes the company’s total amount raised to US$120 million.

Oi-Yee Choo, CEO of ADDX / Photo credit: ADDX

ADDX is regulated by the Monetary Authority of Singapore (MAS) as a digital securities exchange and has names such as Temasek-owned Heliconia Capital and the Development Bank of Japan among its existing shareholders.

The fintech firm uses blockchain and smart-contract technology to break down private market options like private equity and hedge funds, thus reducing minimum investment sizes from US$1 million to US$10,000.

This allows individuals to access private market investing, with issuers benefiting from lower costs and fundraising thresholds.

The private market exchange will use the funds to scale its operations. ADDX’s new investors will also partner with it on projects that will extend its reach. With the round, SET has become the second stock exchange to back ADDX, with the first being the Singapore Exchange.

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