8 Securities raises $9M series B round, launches automated wealth management service
Saturday, August 02, 2014
<Tech In Asia> 8 Securities informed Tech in Asia today that it is in the process of closing a new series B round. The Hong-Kong based financial trading startup had previously targeted only US$5 million but changed the game plan in order to have enough funds to broaden their scope of marketing. 8 Securities Group CEO Mikaal Abdulla says investors Velocity Capital and Leitmotiv Private Equity participated in this round and were joined by American and Chinese financial technology firms. 8 Securities has raised US$9 million so far but is looking to bring a Japanese investor onboard before closing the round at no more than US$12 million.
Now managing US$760 million in customer assets, 8 Securities has shown strong growth since debuting in late 2011. The round of funding will be earmarked almost entirely for growing the customer base in Japan. 8 Securities is betting that growth will be accelerated by its latest products, a wealth management service called Automated Portfolio which launched today and a Social Trading Portal slated for release in early Fall.
