Singapore digital assets exchange Zipmex bags $41m Series B

Marcus Lim, founder and CEO of Zipmex

Singapore-based digital assets exchange Zipmex has bagged $41 million in an oversubscribed Series B funding round from investors including Krungsri Finnovate Company Limited, the corporate venture capital arm of the Thailand-based Bank of Ayudhya PCL.

The investment by Bank of Ayudhya marks the first time that a bank in Southeast Asia is investing in a digital asset platform, according to a statement by Zipmex on Tuesday.

Also participating in the round were Plan B Media Public Company Limited, US-based Jump Capital, MindWorks Capital, and Master Ad Public Company Limited (MACO).

Zipmex’s total funding now stands at $51.9 million. In January, it had landed $6 million in a financing round led by Jump Capital.

“The fresh funds will be used to expand the team in the areas of risk compliance and technology, expand products, as well as fuel expansion in Thailand and Indonesia,” said Zipmex founder and CEO Marcus Lim.

Zipmex currently commands a “nine-digit” valuation, added chief marketing officer Proud Limpongpan, declining to reveal more details. “We expect our assets under management (AUM) to increase from $500 million in December 2021 to over $8 billion by end-2023.”

Founded in 2019, Zipmex allows users to buy, sell, and earn interest on digital assets such as bitcoin and ethereum on its app and website.

The startup claims it stands apart from other digital assets exchanges as a digital assets bank. “Since January, our ZipUp (flexible savings) and ZipLock (fixed savings) products have grown by at least 450%,” said Lim, who previously founded Oneflare.com.au, an Australian marketplace for local services, which was acquired and became part of the ASX-listed Domain Group.

Zipmex claims that it has a user base of 899,000 users on its platform, with over $4 billion traded to date. It currently operates in Indonesia, Australia, Singapore, and Thailand.

The startup is currently applying for a Major Payment Institution licence with the Monetary Authority of Singapore (MAS) for, among other things, digital payment token services. After which, they will be looking to launch formally in Singapore.

Lim has previously spoken about Zipmex’s plans to go into payments and lending. Earlier in the month, the company announced a strategic partnership with Visa Asia Pacific, with plans to launch a visa-payment card – ZipCard – that would allow its users to convert their cryptocurrency to fiat currency to spend at more than 70 million merchants in Visa’s network.

“Our release date of ZipCard is initially planned for a small invite only release in Q4 this year before opening up to full applications in 2022,” Lim told DealStreetAsia in an exclusive interview.

“We will also soon be introducing Zlaunch — a platform that gives users early access to new investment tokens,” added Lim.

Earlier this month, crypto exchange Independent Reserve got an approval from Singapore’s MAS while Indonesian crypto exchange Pintu raised a $35 million round led by Lightspeed Venture Partners.

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.