Singapore’s fintech platform Rate raises $15m in token sale from Matrix Partners, others

Photo by Andre Francois on Unsplash

Singapore-based fintech company Rate has raised $15 million in a token offering through its blockchain project Rate3 from investors including Matrix Partners China and Fenbushi Capital founder Bo Shen.

The token sale was also joined by crypto-focused VC firms Node Capital, Kenetic, FBG Capital and Signum Capital. Proceeds will be used for technical product development and expansion to other markets.

Rate3 is a blockchain-based platform to help companies tokenize their assets and manage a unified identity across different blockchains.

“We believe that blockchains have not reached mainstream adoption because the current infrastructure is not ready yet. First, there are no common legal frameworks to tie ownership and control of real world assets to digital tokens. Second, there are still many differing smart contract standards and lastly, the current identity ecosystem on blockchains is still fragmented. Without common standards, government regulators will also find it hard to regulate and audit blockchain companies,” said Rate co-founder and CEO Jake Goh.

The total funding received amounts to 25,000 ether (ETH), the digital token on the Ethereum network. Rate3’s tokenized assets can also exit as Steller assets.

Prior to the latest fundraising, Rate had raised a $2.3-million pre-Series A round co-led by Alpha JWC Ventures and Insignia Venture Partners in March 2018.

Rate says it seeks to ensure integrity and security of financial transactions over its platform and mitigate frauds in the e-commerce and online payment space that are expected to reach $41.7 billion by 2020.

“As an advocate of blockchain technologies and after having backed 400 companies, the challenge for enterprises to adopt blockchain is glaringly real. We believe Jake has the tenacity and foresight to rally his team to execute Rate3’s vision of a tokenized world amongst enterprises,” said David Su of Matrix Partners China.

Some exchanges on which RTE tokens are traded include Bibox FCOIN, Coinrail, ABCC exchange, DDEX, DEX.top and IDEX.

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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.