Private market exchange ADDX has announced that Korea’s largest banking group KB Financial Group has become a shareholder through its subsidiary, KB Securities.
KB Securities and more than a dozen financial institutions have made their investment in ADDX, bringing the total funding to $140m.
“In these volatile times, with many investors waiting by the sidelines for more stability in the financial markets, our ability to raise capital demonstrates the momentum behind ADDX and its mission,” said Oi-Yee Choo, CEO of ADDX.
“Shareholders of ADDX are industry insiders with a keen understanding of the transformative, long-term value of this project that transcends near-term cyclical forces.”
The upsized pre-series B round fundraising was kicked off in May when ADDX announced a $58m fundraising involving new shareholders Stock Exchange of Thailand (SET), Hamilton Lane and UOB.
The newly-raised capital will be used to fund the firm’s global expansion, which includes plans to enter more markets both by working with partners and by obtaining new licences, according to the company.
A part of the investment will also go towards growing the company’s wealth management platform, ADDX Advantage, which was launched earlier this year for private banks, brokerages and family offices.
KB Securities and ADDX are also going to explore possible tie-ups to expand private market services in Asia, including potential collaborations in Singapore or Korea.
Earlier this year, ADDX tapped the Thai market as SET and UOB joined as shareholders of the private market exchange.
ADDX is regulated by the Monetary Authority of Singapore and its investors include Singapore Exchange, Temasek subsidiary Heliconia, Development Bank of Japan, SET, Hamilton Lane, UOB, Tokai Tokyo Financial Holdings, Kiatnakin Phatra Financial Group, Krungsri Bank, Hanwha Asset Management and Juroku Bank.