Singapore Fintech Stacs Gets Funding Boost
The start-up plans to expand its ecosystem of financial institutions on its sustainable and environmental, social, and governance (ESG)-enabling technology infrastructure.
Capital markets-focused fintech Stacs has announced the completion of a $3.6 million pre-Series A funding round led by early-stage venture capital firm Wavemaker Partners and supported by Tribe and Stellar Partners, according to an announcement on Tuesday.
Stacs develops distributed ledger technology (DLT) powered platforms for financial institutions to support the lifecycle management of securities, and ESG financing dimensions encompassing green and sustainability linked bonds and loans, which can be deployed over existing infrastructures.
«Immense Opportunity»
The company is targeting a network of more than 30 institutions by the end of this year, according to Stacs founder and managing director Benjamin Soh.
«There is an immense opportunity to help financial institutions process large volumes of trades more quickly, securely and accurately while reducing costs and illiquid capital,» Gavin Lee, general partner at Wavemaker, said.
Founded in 2019, Stacs has raised $6 million so far. Its Series A funding round will commence on a larger scale later this year.
Institutional Interest
Stacs previously announced collaborations with institutions like Deutsche Bank, BNP Paribas, Eastspring Investments, Bursa Malaysia, EFG Bank, and Bluecell Intelligence.
It also named former Standard Chartered CEO and current Aviva Singlife chairman Ray Ferguson as chairman in January.
