Recently launched financial-tech mobile application, Spiking, announced today that it has exceeded its Series Seed Funding target of one million dollars. The issue was over subscribed, topping out at $1,030,000.
Developed by Aly Pte Ltd, Spiking is the first fintech tracking app that helps the average trader to follow the big investors as they buy and sell shares on the stock market. Aly Pte Ltd was supported by the National Research Foundation, Prime Minister’s Office, Singapore under the Interactive & Digital Media Strategic Research Programme’s i.JAM Reload initiative.
The startup was bootstrapped by the founders and quickly picked up a veritable boardroom of prominent industry leaders as angel investors. In just 6 months, the startup drew the attention of a number of these top entrepreneurs in the capital markets – some of the very investors Spiking tracks. They have companies listed on the Singapore Exchange, Bursa Malaysia, Australian Securities Exchange, and NASDAQ.
The roll of prominent investors includes:
• Andrew Chen, Managing Director of Raffles Asia Capital Pte Ltd
• Douglas Foo, Chairman of Sakae Holdings Ltd (SGX:5DO) and President of Singapore Manufacturing Federation
• Koh Boon Hwee, an angel investor
• Lim Ah Hock, Executive Chairman of Pestech International Bhd (KLSE:PESTECH)
• Loo Cheng Guan, Independent Director of Valuetronics Holdings Limited (SGX:BN2)
• Ong Chu Poh, Group Executive Chairman & Group CEO of Econ Healthcare Group
• James Tan, Managing Partner of Quest Ventures and Co-founder of 55tuan (NASDAQ:WOWO)
• Toh Soon Huat, Chairman of Novena Foundation Pte Ltd
• Kazumasa Tomita, CEO & Founder of ZUU Co Ltd
"We were impressed by Spiking’s unique concept for creating a verified (as opposed to a rumour-based) trading platform for the millennials, and the founders' entrepreneurial zeal and passion for building it in such a short time," says Mr Loo Cheng Guan.
“With the funding secured, we will ramp up product development to introduce new features and a higher level of functionality, with insights from big data analysis. We are also scaling up and have expanded our data coverage to include 10 stock exchanges in 8 countries in the region,” said Mr Clemen Chiang, Founder and CEO of Aly Pte Ltd.
The eight countries and 10 stock exchanges:
• Australian Securities Exchange (ASX);
• Hong Kong Exchange (HKEx);
• India – Bombay Stock Exchange (BSE) and National Stock Exchange (NSE);
• Bursa Malaysia;
• Philippine Stock Exchange (PSE);
• Singapore Exchange (SGX);
• Stock Exchange of Thailand (SET);
• Vietnam – Hanoi Stock Exchange (HNX) and HoChiMinh Stock Exchange (HOSE).
Other new developments include the introduction of Spiking Finance and Spiking Forum. Spiking Finance aggregates recent news headlines, announcements, tweets and buy/sell activity of their favourite companies and investors – all on one page. Spiking Forum organizes discussion threads by company for member discussions.
Spiking users will soon be able to link to their brokerage accounts and be able to place orders once the alert (Spikes) they set get executed. By linking to their brokerages, users will have an aggregated view and analysis of multiple accounts of a personalized investment portfolio.
The public can download the free Spiking app so that they may be selected to participate as Beta Users in the next generation product to be released by year end 2016 – available on iOS App Store and Android Play Store. Some of the new features to look forward to in the next generation product are the integration of social trading, algorithmic trading, and automated management.
Spiking is a finalist in the SiTF Awards 2016, for Best Innovative Start-up (Early Stage), by the Singapore infocomm Technology Federation. This Award, championed by the industry, is an important accolade for made-in Singapore infocomm innovations. The results will be announced on 5 October 2016 at the SiTF Awards Ceremony and ICM Industry Gala Reception.