Deals
Goldman-Backed FX Platform Clinches HSBC, Citigroup Funding
- Spark Systems raised $16.5 million in Series B investing round
- JPMorgan, Barclays, UBS among global banks signed on platform
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A Singapore foreign-exchange platform has won financial backing from HSBC Holdings Plc and Citigroup Inc. just as its trading volume more than doubled on coronavirus-driven volatility.
HSBC and Citi join Goldman Sachs Group Inc. as investors in Spark Systems after participating in series B funding that’s raised $16.5 million over two rounds, according to Chief Executive Officer Wong Joo Seng. Citi and HSBC representatives confirmed their companies have invested in Spark. OSK Ventures International Bhd., a Kuala Lumpur-based investment firm, also joined the current round, which brought the firm’s valuation to $70.5 million, Wong said.