Singapore-based real-time financial monitoring app Call Levels is raising a US$500,000 bridge round to spur growth, e27 has learned. The round, which is still open but partially committed, is expected to close in the coming weeks.
Call Levels has previously raised US$140,000 in angel funding since its launch in October last year, led by angel investor and former JP Morgan executive Timothy Teo. The remaining funds came from private undisclosed hedge fund managers.
Backed by industry heavyweights
“We’re creating something that even New York’s biggest hedge fund manager would want to use, and think is comparable to professional systems — but is easier,” Cynthia Siantar, Co-founder of Call Levels, said in an interview.
Siantar was previously a Hong Kong-based equity capital markets associate with HSBC for nearly three years, and also a Singapore investment analyst with Mercer Investment Consulting.
Her co-founder, Daniel Chia, has roughly seven years experience as a Vice President at Ortus Capital Management, and prior to that as an Investment Manager at the Government of Singapore Investment Corp.
Put simply, Call Levels provides real-time financial monitoring and notification service on the cloud, covering more than 5,000 assets including US equities, Forex, Futures — and now Bitcoin.
Users can set a call level — an industry term that means “call me when the price hits a certain level” — and be notified instantly through a mobile notification. A premium automated phone calling service is planned to be rolled out soon.
Partnering with a Bloomberg service provider
The startup has partnered with itBit, a global bitcoin exchange and the first of its kind to be fully regulated under the New York banking laws, which inked a deal to provide Bloomberg’s 300,000 terminals globally with real-time Bitcoin monitoring.
“When the Swiss Franc crashed, we informed our professional users faster than any other system out there,” Chia said. The crash, which came in the middle, caught many traders off-guard.
“Our aim is not to monetise the app, but keep things as free for users as possible,” he added.
But the venture will have to make money. There are plans to offer customised versions of the software to financial institutions like banks to help them better engage their wealth management clients. Several have already approached the team to discuss deals, Chia said, with two large deals expected to be signed soon.
Currently, banks spend huge amounts of money every month on contacting clients through manual phone calls and SMS. “The whole wealth management industry still works on relationships [between manager and client],” Siantar said.
To be clear, Call Levels is not looking to white label its technology. The app, which is seeing 15 per cent month-on-month growth, already boasts 6,000 users who have created 20,000 active call levels.
There are an estimated 230 million people globally who own at least one stock in the markets actively, suggesting a global opportunity — not limited to Asia. Hobby traders and market watchers are also viewed as potential users.
Angel investor Timothy Teo
According to Siantar and Chia, angel backer Teo started in 1973 with JP Morgan, and by the time he turned 38, he was Head of Global Markets in Taipei and Hong Kong, and subsequently Head of North America Foreign Exchange.
Upon his return to Singapore, he was asked to take on a lead role at GIC as Head of Foreign Exchange, Commodities and Short Term Rates, where he stayed for nine years.
Timothy is now retired and currently sits as Chairman of the board of St Luke’s Eldercare, and holds several directorial appointments at organisations such as the National Library Board and Guocoland.
Call Levels is available on iOS, Android and Apple Watch.