SG’s ADDX raises $20m in round led by Korea’s KB Securities

Singapore private market exchange ADDX has secured US$20 million in a pre-series B extension round led by KB Securities, a subsidiary of South Korea’s KB Financial Group.

The new capital injection comes on top of the US$58 million that ADDX initially raised in May, the company said in a release.

Oi-Yee Choo, CEO of ADDX

Regulated by the Monetary Authority of Singapore, ADDX uses blockchain and smart contract tech to automate the manual processes in private market investing. It also brings minimum subscription sizes down from US$1 million to US$5,000 and allows for secondary trading.

The company will use the fresh capital to grow its new wealth management platform for private banks, brokerages, and family offices. Parts of the investment will also be put into the firm’s global expansion project, which will see it enter several new markets.

The investment from KB Securities comes amid notable growth for ADDX, which has increased its number of users by 80% year-on-year, according to the Singapore firm.

Going forward, KB Securities will be exploring possible tie-ups with ADDX, whose list of shareholders also includes the Singapore Exchange, the Stock Exchange of Thailand, investment manager Hamilton Lane, Temasek subsidiary Heliconia Capital, and UOB.

“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,” says ADDX CEO Oi-Yee Choo.

See also: Singaporeans feel ‘betrayed’ by Temasek-backed FTX