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TradeSocio, a social trading and marketing fintech, said on Wednesday it raised $1.25 million in seed financing from Singaporean investment group Octava, which was the only investor to partake in the fundraising.
The investment follows an earlier seed funding round when the fintech raised $800,000 from private investors.
The proceeds will be used to finance TradeSocio’s rapid development and scale its sales, marketing, and product roadmap execution.
“Over the past year, we’ve focused on building a great team and a product suite that significantly improves how financial institutions can acquire, convert, and retain clients. Having successfully deployed our software to clients in both Europe and Asia, we’re now ready to begin scaling our operations. This round of funding provides us with the resources needed to achieve our growth plan,” TradeSocio CEO Rohan Hall said.
Seed funding is a type of securities offering, where investors provide financing to an entity in exchange of an equity stake in the company.
“TradeSocio have pioneered the way in which brokers and financial institutions can take advantage of new disruptive fintech technologies, including big data, marketing automation, social technologies, and gamification,” said Joseph Tey, the Director of Octava.
eToro, another social trading solutions provider, has been raising funds via different types of funding almost each year in the past nine years to help finance its own growth. It has raised tens of millions of USD from a number of investors in either venture financing, or Series A, B and C funding. In the last round which took place in April 2015, the company raised $12 million. More details about eToro’s funding follows:
Another fintech related to the forex industry, ChartIQ, said earlier this week it raised $4.0 million in a second round of Series A financing, led by a venture capital firm Illuminate Financial.
TradeSocio was set up in 2014. It provides cloud-based marketing technology and all-in-one white label social trading platform to companies in the financial services sector, forex brokers included. Its solutions are used by FXPrimus, AFX Capital, DirectFX, GDMFX, Tradesto, and others.