SG’s fintech startup Spiking raises $30m in private token sale

Jubilee Bridge, Singapore. Photo: Pixabay

Singapore-based fintech startup Spiking has secured $30 million in an oversubscribed private token sale led by Raffles Financial executive director Charlie In, it said in an announcement today.

The startup said In, who is also Raffles Capital and Sequoia Capital (Hong Kong) chairman, will take on an advisory role at Spiking, providing governance, investment oversight and market access to the startup.

“Spiking is well-positioned to seize the untapped opportunities in the cryptocurrency market. In particular, Spiking understands the big whales by tapping into financial technology for stocks and blockchain technology for cryptocurrencies. This is a valuable resource for price analytics,” said In.

Launched in April 2016, Spiking claims that it has a customer base of more than 180,000 investors. The fintech stock trading app is now building a solution to track trades of cryptocurrency ‘whales’ or holders of substantial crypto assets.

Subsequent to the funding round, the startup will set up its blockchain asset validation and AI-driven crypto trading infrastructure in Hong Kong. Its public token sale will take place on November 22, 2018.

“We are humbled by the huge demand for Spiking’s tokens which resulted in the oversubscription. With this momentum, public buyers can look forward to the initial exchange offering on Kryptono Exchange next month,” said Spiking CEO Clemen Chiang.

It raised a seed round, also over-subscribed, at S$1.03-million ($750,000) in 2016 and an S$1.2-million ($870,000) pre-Series A this August.

Also Read:

Asia Digest: Spiking raises $875k pre-Series A; SGshop taps equity crowdfunding

Singapore: Spiking closes oversubscribed seed round of S$1m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.