Hey look at this great news today for Hong Kong Startups – our good friends Mathias Helleu and Mikaal Abdulla (left and right in photo) of 8 Securities keep growing and keep raising money!
Hong Kong FinTech startup 8 Securities raises US $9 million in a Series B round following their expansion into the Japanese market.
Investors in this deal include Velocity Capital and Leitmotiv (who have backed 8 Securities before), and were joined by leading FinTech venture funds from the US and China. According to CrunchBase, this latest round was followed by three Series A rounds totaling $12.5 million raised – and the social trading portal shows no signs of slowing down. In fact, they’re already looking to raise more funds.
“We have a very supportive team of investors that spans Greater China, Europe and the United States,” said CEO Mikaal Abdulla. “Our goal now is to identify a strategic investor in Japan that can support our vision and growth strategy.”
(‘Auto Portfolio’ tool screenshot)
According to a release, the latest round will be exclusively used to fund 8 Securities’ new ‘Auto Portfolio’ tool, which is part of their plan to disrupt Japan’s wealth management space. Since most professionally-managed portfolio services are focused on high-net-worth individuals, the new tool will help support a larger pool of investors as well as offering a low-cost alternative.
“We are building innovative online and affordable investing services for Japan’s young, socially connected and mobile generation,” said Mikaal. “We believe the next generation is being largely underserved by competition that is focused almost exclusively on affluent and older customers.”
2014 will prove to be 8 Securities’ biggest year yet, as the ambitious startup has also announced plans to expand into Mainland China later on this year.
8 Securities on Startbase.HK: 8 Securities
Mikaal Abdulla on Startbase.HK: Mikaal Abdulla
