Ghanaian fintech SecondSTAX raises $1.6 million, to enable cross-border capital markets access
SecondSTAX, a Ghanaian fintech startup that is enabling access to capital markets for investors beyond their countries, has raised $1.6 million in its pre-seed funding round from private investors and venture capital firms and is announcing the launch of its capital markets access offering.
- The startup, currently looking to launch in Ghana and Kenya aims to use the funds to launch in additional countries by the year-end, improve its tech stack and increase its employee base, it claims. It looks to start generating revenues in 18 to 24 months’ time.
- Launched in 2020, SecondSTAX is looking to aggregate stock exchanges on the African continent which operate in silos and improve access to these exchanges by investors who are outside the countries of the stock exchanges. It is building a technology infrastructure that allows South African investors, for instance, to access the Nigerian Stock Exchange without staying or coming to Nigeria.
- SecondSTAX’s platform will allow broker-dealers, asset managers, pension funds, and institutional investors to access markets outside their countries, and is now going public with this solution.
- It will provide access to debt and equity securities across multiple African bonds and stock exchanges and also assist investors outside Africa to invest in emerging economies on the continent. Investment firms on its platform can hold assets in different currencies, thus reducing the risk of single currency and volatility of their returns, it claims.
- LoftyInc Capital, Orbit54, and STEMeln invested in the funding round.