Spiking, a fintech mobile application has secured over S$1 million (US$750,000) in seed funding. Exceeding its target of one million dollars, it topped out at S$1,030,000.
Investors in the round include Andrew Chen, Managing Director of Raffles Asia Capital; Douglas Foo, Chairman of Sakae Holdings and President of Singapore Manufacturing Federation; Koh Boon Hwee, an angel investor; and Lim Ah Hock, Executive Chairman of Pestech International.
The round also saw participation of Loo Cheng Guan, Independent Director of Valuetronics Holdings; Ong Chu Poh, Group Executive Chairman & Group CEO of Econ Healthcare Group; James Tan, Managing Partner of Quest Ventures and Co-founder of 55tuan; Toh Soon Huat, Chairman of Novena Foundation; and Kazumasa Tomita, CEO & Founder of ZUU.
With this funding, 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 eight countries in the region (Asia).
said Clemen Chiang, Founder and CEO of Aly, parent of Spiking.
Spiking helps the average trader to follow the big investors as they buy and sell shares on the stock market. It also helps retail investors to make better investment decisions with greater confidence based on up-to-date market knowledge they never had before. It provides investors with timely and reliable data on which to form their investment strategy.The app uses crowdsourcing technology to pull the information needed to make the best possible investing decisions.
The eight countries and 10 stock exchanges that Spiking has expanded to are Australian Securities Exchange (ASX), Hong Kong Exchange (HKEx), Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Bursa Malaysia, Philippine Stock Exchange (PSE), Singapore Exchange (SGX), Stock Exchange of Thailand (SET), Hanoi Stock Exchange (HNX) and HoChiMinh Stock Exchange (HOSE).
The startup is supported by the National Research Foundation, Singapore Prime Minister’s Office under the Interactive & Digital Media Strategic Research Programme’s i.JAM Reload initiative.
The app has recently introduced of its features – 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 the company plans to introduce are the integration of social trading, algorithmic trading, and automated management.