(UPDATE: The earlier version incorrectly mentioned the funding amount as US$1 million. It has been corrected)
Spiking, a fintech tracking app that helps the average trader to follow the big investors as they buy and sell shares on the stock market, has secured over S$1 million (US$750,000) in Series Seed funding.
Investors include Andrew Chen, Managing Director of Raffles Asia Capital; Douglas Foo, Chairman of Sakae Holdings and President of Singapore Manufacturing Federation; Koh Boon Hwee, an angel investor; and Lim Ah Hock, Executive Chairman of Pestech International.
Loo Cheng Guan, Independent Director of Valuetronics Holdings; Ong Chu Poh, Group Executive Chairman & Group CEO of Econ Healthcare Group; James Tan, Managing Partner of Quest Ventures and Co-founder of 55tuan; Toh Soon Huat, Chairman of Novena Foundation; and Kazumasa Tomita, CEO & Founder of ZUU, also participated.
“With this funding, we will ramp up product development to introduce new features and a higher level of functionality, with insights from big data analysis. We are also scaling up and have expanded our data coverage to include 10 stock exchanges in eight countries in the region (Asia),” said Clemen Chiang, Founder and CEO of Aly, parent of Spiking.
Spiking helps retail investors to make better investment decisions with greater confidence based on up-to-date market knowledge they never had before. It provides investors with timely and reliable data on which to form their investment strategy.
Spiking’s verified, real-time updates reveal details about who and what is behind a spike in the market. It cuts out the noise surrounding stocks (gossips, rumours and speculation).
The app uses crowdsourcing technology to pull the information needed to make the best possible investing decisions.
Spiking users will soon be able to link to their brokerage accounts and be able to place orders once the alert (Spikes) they set get executed. By linking to their brokerages, users will have an aggregated view and analysis of multiple accounts of a personalised investment portfolio.
A free app, it is available on iOS and Android platforms.
“We were impressed by Spiking’s unique concept for creating a verified (as opposed to a rumour-based) trading platform for the millennials, and the founders’ entrepreneurial zeal and passion for building it in such a short time,” says Loo Cheng Guan.
The company has also launched two new products: Spiking Finance and Spiking Forum. Spiking Finance aggregates recent news headlines, announcements, tweets and buy/sell activity of their favourite companies and investors – all on one page. Spiking Forum organises discussion threads by company for member discussions.
The eight countries and 10 stock exchanges that Spiking has expanded to are Australian Securities Exchange (ASX), Hong Kong Exchange (HKEx), Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Bursa Malaysia, Philippine Stock Exchange (PSE), Singapore Exchange (SGX), Stock Exchange of Thailand (SET), Hanoi Stock Exchange (HNX) and HoChiMinh Stock Exchange (HOSE).
The startup is supported by the National Research Foundation, Singapore Prime Minister’s Office under the Interactive & Digital Media Strategic Research Programme’s i.JAM Reload initiative.
Recently, social trading platform ayondo launched an investment simulation platform. Users will be able to trade virtual stocks, participate in trading competitions and receive latest investment/finance-related news and tips.