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Citi and HSBC join $10.5 million round in FX marketplace Spark

Citi and HSBC have joined a $10.5 million funding round in Singapore-based low latency foreign exchange trading technology venture Spark Systems.

Investing alongside OSK Ventures International Berhad, Citi and HSBC join Spark’s existing backers Goldman Sachs, Vickers Venture Partners, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, and FengHe Group.

Acting as the middle-man between liquidity providers and institutional traders, Spark intends to use the fresh capital to build new customer modules for onboarding and analytics and to expand into new markets in New York and London.

According to data from Bloomberg, the startup recorded an average of $5.5 billion in per-day trading volume in the first quarter of this year, up from S$2.5 billion in 2019.