Funderbeam, a blockchain platform for the funding and trading of private companies, has received the go-ahead to continue to grow its business in Singapore.
Funderbeam was founded in 2013 and is currently headquartered in the United Kingdom. The main service provided by its platform is securing access to capital and liquidity for startups and growing investments. The service supplies both information and a place in which capital can be traded.
The company this year has been able to raise some US$4.5 million for its expansion initiatives and has already established a foothold in countries within the Scandinavian region.
Founder and CEO Kaidi Ruusalepp explained the company’s vision “is to be the funding and trading platform of global private companies.” To do this, he explained that it is looking to “introduce a new business model and technology that could overcome the limitations of the existing, regulated alternative markets.”
The two licenses granted by the Monetary Authority of Singapore (MAS) were for Funderbeam’s Singaporean subsidiary, Funderbeam Markets Pte. They comprise a Capital Market Services license and a Recognized Market Operator license. Together, the approvals will let Funderbeam secure deals with Singaporean firms and investors.
Ruusalepp remarked on the licenses, saying, “We are very pleased to have been recognised by MAS in Singapore” and that “obtaining recognition from the MAS adds further assurances to the robustness of our established marketplace and distinguishes us as a truly global funding and trading platform.”
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