The investment round has been led by Wavemaker Partners, Tribe Accelerator, and Stellar Partners.
Singapore-based fintech startup Hashstacs (STACS) has raised $4.8m (US$3.6m) in pre-Series A funding round, bringing its fundraising total to over $8m (US$6m).
The funding round is a prelude to the main Series A funding round, which is set to commence on a larger scale later this year. It aims to expand STACS’ ecosystem of global leading financial institutions, incorporating its ESG-enabling technology infrastructure.
Investors for the funding round include venture capital firm Wavemaker Partners who also led the round, blockchain accelerator Tribe Accelerator, and existing shareholder Stellar Partners.
“Since the 1970s the capital markets have been fragmented, with institutions operating on different systems and ledgers, and going through a linearly-dependent process which has led to a situation whereby US$800 billion of capital is being locked up every single day in the international clearing system,” STACS chairman Ray Ferguson said.
Ferguson noted that such problems, as well as higher transaction costs due to multiple layers of processings, are some of the things STACS want to address through its distributed ledger technology.