Liquidity Marketplace (LMX), a peer-to-peer marketplace for corporates, banks and non-banking financial institutions looking to source and deploy short-term liquidity, announced today it has raised US$1 million in seed funding, led by Javelin Startup-O Victory Fund, a partnership between Singapore-based online assessment and venture building platform Startup-O and Javelin Wealth Management.
LMX added that the round was also participated by strategic angel investors.
“This investment backed by Javelin Startup-O Victory Fund is key to our aggressive expansion into the US and Southeast Asia,” said Thomas Schickler, Co-Founder and CEO, LMX. The investment, he added, will also help funnel LMX’ release into new categories to its existing services, including secured loans and trade finance, after having recently launched in North America.
LMX was founded in 2016 by financial and technology experts from HSBC and Goldman Sachs. The firm connects corporates, banks and non-bank financial firms via an all-to-all marketplace, where they can borrow and lend directly with each other by eliminating intermediaries. This helps clients achieve lower costs and higher yields, while also bolstering risk controls.
In February, LMX was named the Canada Region Winner of the Harvard Business School (HBS) New Venture Competition, which serves as a launch pad for innovative new ventures from HBS alumni. LMX was one of the top-ranked startups to receive additional resources and funding following Startup-O’s Fasttrack 10-week online assessment program.
The program screens startups through its rating algorithm then connects the companies with experts in its network for the purpose of evaluating business model, financial modelling, technology diligence and overall investment analysis.
“In an ecosystem where authentic startup founders face immense challenges, LMX has shown capabilities in penetrating international markets,” said Anuj Jain, Co-Founder & CEO of Startup-O said.