SG firm gets $1.1m for Asia’s first funded trader program

MPFunds CEO Dean Wong (right) / Photo credit: MPFunds

Singapore-based MPFunds has raised S$1.5 million (US$1.1 million) in pre-seed funding from a Singaporean angel investor working in Asia’s software and IT industry.

The fresh funds will be used to expand across the Asia Pacific region in the third quarter of this year, targeting Malaysia, Taiwan, Thailand, and Vietnam.

Funding details

• Funding amount: US$1,100,000
• Stage: Pre-seed
• Source

Funded trader programs such as MPFunds enable individuals to trade with large capital. Profits made from this are split between the trader and the company. MPFunds said it is the first of its kind in Asia.

Debuting earlier this month, the firm provides aspiring traders with coaching, guidance, as well as up to US$400,000 in trading capital.

These individuals can also access mental health support, in collaboration with Annabelle Psychology, on MPFunds’ platform.

Additionally, MPFunds offers trading courses taught by Tan Kee Wee, who has worked at UOB, Standard Chartered Bank, and OCBC.

“We will also be investing in thorough market research and groundwork for us to expand into the wider Asian market. Understanding the unique demography and consumer segments of each country will ensure we deliver tailored solutions to meet the diverse needs of traders,” MPFunds CEO Dean Wong said in a statement.

The company will also grow its team, further enhance the automated services on its platform, and prioritize security measures with the new financing.

See also: The key players in Singapore’s thriving fintech space (Updated)

More details