Tuesday, 3 October 2023

MPFunds secures $1.11 million in pre-seed funding to expand in Asia Pacific

5 min read

Asia's first funded trader programme, MPFunds, has announced a successful pre-seed funding round amounting to SGD 1.5 million ($1.11 million) secured from a prominent Singaporean angel investor from the region’s software and IT industry.

The investment will accelerate the company’s plan of expanding into the wider Asia Pacific region and scale up the platform to cater to a diverse and rapidly-growing audience.

MPFunds made its highly-anticipated debut in the Asian market on 4 May 2023, driven by its commitment to democratise access to the financial realm. The company takes a human-centric approach to trading, providing prospective traders with the opportunity to wield trading capital of up to $400,000 (approximately SGD 533,000). With its deep understanding of the financial markets and technology landscape, the Singapore-based startup aims to leverage its expertise to achieve sustainable growth as they continue expanding.

Dean Wong, CEO of MPFunds shared: “At MPFunds, our primary focus is on creating a conducive trading ecosystem that equips traders with the essential guidance needed for a seamless start to their trading journey. Our commitment lies in empowering undercapitalised traders, both amateurs and experts alike, within Asia, a region that boasts one of the largest trader communities worldwide.”

Beyond providing capital, MPFunds offers professional trading courses by prominent economist Dr. Tan Kee Wee, who leverages his extensive experience at renowned financial institutions such as Standard Chartered Bank, OCBC, and UOB to help traders with insights on economic cycles.

The platform also sports a dedicated psychological support arm in collaboration with Annabelle Psychology, a comprehensive mental health practice in Singapore. This partnership ensures that traders are equipped with the necessary tools to better navigate the emotional aspects of trading and maintain a healthy mindset.

Utilising the investment secured in the funding round, MPFunds plans to achieve several strategic objectives. These include expanding their team through robust talent acquisition, further developing and enhancing the platform's automated services, and prioritising security measures to elevate the overall user experience.

“We will also be investing in thorough market research and groundwork for us to expand into the wider Asian market. Understanding the unique demography and consumer segments of each country will ensure we deliver tailored solutions to meet the diverse needs of traders,” Wong said.

The company is also addressing the pertinent need of raising awareness and fostering understanding of Funded Trader Programmes through aggressive public education initiatives, empowering traders with knowledge about the programme's immense potential for benefits and opportunities.

With a strong impetus to accelerate growth, MPFunds has set its sights on swift market expansion in the third quarter of 2023, specifically targeting key markets such as Malaysia, Thailand, Vietnam and Taiwan.

Re-disseminated by The Asian Banker

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