Exclusive: Zipmex bags $11m more in series B money

Singapore-based Zipmex, a digital asset exchange platform for cryptocurrencies, told Tech in Asia that it has raised an additional US$11 million as part of its series B round from investors including B Capital, TNB Aura, Bank of Ayudhya’s Krungsri Finnovate, Master Ad, and MindWorks Capital, among others.

Zipmex CEO Marcus Lim / Photo credit: Zipmex

The latest capital infusion is part of Zipmex’s series B fundraise, the first tranche of which it raised last September. With the additional US$11 million, the company’s total funds raised in the round clocks in at US$52 million.

The fresh funds will be used to boost the company’s market expansion into newer Southeast Asian markets – including Vietnam – by the end of this year, Zipmex CEO Marcus Lim told Tech in Asia. Currently, the firm has offices in Singapore, Thailand, Australia, and Indonesia.

Zipmex seeks global investment access for cryptocurrencies and makes them available on its app and website.

The company’s Thai unit has a digital assets exchange license and a brokerage license issued by the Ministry of Finance of Thailand. The firm is regulated by the Securities and Exchange Commission in the country.

See also: How Polygon puts India at the heart of the crypto world

Zipmex accounts for nearly one-quarter of the total revenue of the digital asset market in Thailand, which is made up of roughly 1.7 million traders across a number of domestic exchanges.

It is currently in the final stages of filing its license to facilitate crypto transactions in Singapore as well.

Recently, Zipmex partnered with Polygon’s gaming arm to accelerate the metaverse ecosystem across the Asia-Pacific region. The deal is expected to help draw in new users as part of its “long-term strategy” for future growth.