Illuminate Financial, the specialist venture capital investor dedicated to early-stage fintech and enterprise software companies, has partnered with Singapore Exchange (SGX Group), an Asian international multi-asset exchange.
In connection with the partnership, SGX Group will become a limited partner in Illuminate Financial’s latest venture capital strategy. Said strategy backs early-stage fintech and enterprise software companies globally driving innovation in the financial services industry.
Amit Kedia, head of strategic and fintech investments, SGX Group, said: “As a pioneering innovator in Asia’s capital markets infrastructure, SGX Group has invested in digital solutions and technology that capture the future of capital markets across asset classes. We look forward to partnering with Illuminate Financial, and to connecting with fintech players globally that are at the forefront of innovation.”
Luca Zorzino, head of Asia investments at Illuminate Financial said: “We are excited to work with SGX Group as our first strategic partner in Asia to continue driving the fintech innovation agenda in Asia-Pacific. This expansion marks a natural progression in Illuminate Financial’s evolution as a global investor in B2B FinTech companies.”
Southeast Asia remains attractive for fintech funding investments despite external pressures. Singapore accounts for a lion’s share of ASEAN fintech investments, securing more than half of the total 163 deals, amounting to $1.8billion, and 43 per cent of total funding in the first three quarters of 2022, according to a UOB report.
Illuminate Financial is led by Mark Beeston, founder and managing partner, alongside partners Alexander Ross and Rezso Szabo. The venture firm, which operates out of London, New York, and Singapore, has to date invested in more than 30 late-Seed to Series A companies addressing core challenges across financial services. Investment themes within enterprise fintech include digital assets infrastructure, climate and ESG, data and private markets, as well as tech infrastructure that targets the financial services industry.