Singaporean fintech MetaComp has just completed its Pre A+ funding round, bringing total funding upto $35 million, as per an official press release on Friday.
Alibaba, Spark Venture, and a handful of other institutional investors took part in the funding round, giving MetaComp new capital to pursue expansion of its StableX network, targeting regions in Asia, the Middle East, Africa, and Latin America.
“Two consecutive funding rounds in three months reflect strong institutional confidence…Traditional payment systems remain constrained by multi-day settlement cycles, high costs and limited currency coverage, and that gap is exactly what we were founded to solve,” said MetaComp co-president Tin Pei Ling.
MetaComp describes itself as neither Web2.0 nor Web3.0, but as Web2.5, a fintech that says it caters to ultra-high net worth individuals and institutions by providing them with stable coin payment and hybrid fiat solutions, with a license from the MAS (Monetary Authority of Singapore).
100Summit Partners was the exclusive financial adviser for the funding round.
The update comes as stablecoin integrations and infrastructure continue to grow in fintech and traditional finance, with some of the activity picking up among tiger economies in Southeast Asia, such as Hong Kong and South Korea.