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Startup-O, Javelin Wealth to lead US$1 million seed round in fintech startup Liquidity Marketplace

LMX
Startup-O, Javelin Wealth to lead US$1 million seed round in fintech startup Liquidity Marketplace

LMX

12/6/2018 – Global fintech startup Liquidity Marketplace (LMX) announced today that it has raised US$1 million in a seed stage funding.

The investment was led by Javelin Startup-O Victory Fund, a venture arm formed through the partnership between Singapore’s online assessment and venture building platform Startup-O and Javelin Wealth.

Anuj Jain, the co-founder and CEO of Startup-O commented on the investment, saying that LMX has shown capabilities in penetrating international markets, they demonstrate a seasoned team with a sound technology platform and a clear market strategy.

“We are confident in our 360-degree immersion into the Asian region that will allow for LMX to succeed and grow,” said Jain.

Through Startup-O’s Fasttrack 10-week online assessment programme, LMX was one of the top-ranked startups to receive additional resources and funding. This programme is where global experts periodically evaluate promising startups and decision-making algorithms identify the best of the ventures in a structured and unbiased manner.

LMX is a financial technology startup providing an innovative marketplace solution to transform how multinational corporations, banks, and financial institutions to manage their liquidity. This is through designing a platform for its clients to lend and borrow directly without any intermediation.

“This investment backed by Javelin Startup-O Victory Fund is key to our aggressive expansion into the United States and Southeast Asia,” said LMX’s co-founder and CEO Thomas Schickler.

Having recently launched in North America, the startup will also use the investment to help funnel LMX’s entry into new categories, such as secured loans and trade finance.

“We aim to reshape the global liquidity market with our vision and unique capabilities, with the help of Startup-O’s community of experts and resources across geographies,” added Schickler.

Founded in 2016 by financial and technology experts from HSBC and Goldman Sachs, LMX caters to clients who are looking to source and deploy short-term liquidity.

One of the reasons for the creation of LMX, according to Schickler is in anticipation of a reduction in banks’ appetite for short-term deposits as well as lending.

In February, LMX was named the Canada Region Winner of the Harvard Business School (HBS) New Venture Competition, a contest which serve as a launch pad for innovative new ventures from HBS alumni.

LMX is also one of the top-ranked startups to get additional resources and funding following Startup-O’s Fastrack 10-week online assessment program.

The program screens startups through its rating algorithm then connects the companies with experts in its network for the purpose of evaluating business model, financial modelling, and overall investment analysis.

M Cash subsidiary NFC Indonesia to raise US$24 million IPO in July

NFC Indonesia
M Cash subsidiary NFC Indonesia to raise US$24 million IPO in July

NFC Indonesia

11/6/2018 – Indonesia digital exchange platform NFC Indonesia on Friday has announced plans for an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) board to raise up to US$24 million.

The IPO will offer up to 166.67 million new shares (equivalent to 25 percent of its paid-up capital) at an IPO price ranging between IDR 1,500 (US$0.10) and IDR 2000 (US$0.14) per share.

The initial offer period for the IPO will start from June 8 and expire on June 21, 2018, with priority given to local investors, although the offer is opened to both local and foreign investors.

NFC explained that the IPO is an innate strategy to accelerate its business to be the biggest digital exchange hub in Indonesia. The company aims to play a central role in the daily lives of a tech-savvy Indonesian society.

To achieve that, NFC will use 60 percent of the IPO funding for working capital, 30 percent for various digital investment such as IT development, and the remaining for talent acquisition.

Dubbing itself as a digital exchange platform, NFC Indonesia currently operates two different services. The first where it integrates a real-time phone credit marketplace for its digital exchange business, and the second where it works through its subsidiary PT Oona Media Indonesia to offer OONA TV, a free TV and video entertainment application.

The company also cited plans to expand into other forms of digital exchanges in the near future.

NFC Indonesia Chairman Suryandy Jahja said, “as the most innovative digital exchange to go public, we believe this is just a start with many more innovations in the pipeline including Digital Advertising Exchange and Communication Platform Exchange.”

NFC Indonesia is a subsidiary of MCash Integrasi, which in October last year became the second startup to list on the IDX. Its US$22 million IPO was reportedly oversubscribed by 10.69 times.

NFC Indonesia has appointed PT Kresna Sekuritas, PT Trimegah Sekuritas Indonesia Tbk, and PT Sinarmas Sekuritas as underwriters for the IPO. Initial listing on the IDX will be conducted in July 2018.

In related news, MCash backer Kresna Graha Investama have mentioned plans for five of its portfolio companies to go public in Indonesia and New York this year.