China-based fintech firm TigerWit has secured $5 million in investment capital from the US-based technology investment firm Susquehanna International Group (SIG).
TigerWit is planning to use the capital to improve its mobile-focused trading technology. The group is also aiming to invest in new innovative technologies to improve its clients’ trading experience on its platform.
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Mentioning the raised capital, TigerWit’s co-founder and CEO, Summer Xu, said: “We are delighted that by taking this stake in TigerWit, SIG recognizes the company as a leader in the provision of financial trading technology for retail investors around the globe. It is incredibly exciting to have them join the business as an important stakeholder. We will be using the investment to build upon TigerWit’s expanding global footprint and offer investors the best trading experience available whilst harnessing new technologies such as blockchain to underpin our innovation.”
Last year, the company started its international expansion beginning from the markets in the Southeast Asian region. Later in August 2017, the group obtained a regulatory license in the Bahamas to expand its operations on an international level. The company is also determined to make an entrance into the rich European markets, and earlier this year, the group behind TigerWit acquired FCA-regulated brokerage Mercor Index, which was founded by industry veteran Simon Denham.
The TigerWit Group is also investing significantly in blockchain technology to bring further innovation to the retail broking space. However, the company did not reveal publicly any development on its blockchain-based projects.
Commenting on the investment, SIG Asia Investment’s MD Tim Gong said: “The stake we have taken in TigerWit is driven by the technology they have built to make trading more immersive and intuitive. We have been very impressed by Summer and her team who are fully committed to making TigerWit the provider of choice for retail investors. Their client-centric approach, focusing on protection as much as user experience, made them really stand out and we are delighted to be backing them with our investment.”