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Home Featured

Fintech startup Fraction nets $3m in pre-Series A funding

Team AsiaTechDaily by Team AsiaTechDaily
18 January 2022
in Featured, FinTech
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Fraction

Fraction co-founders Shaun Sales, CTO (left) and Eka Nirapathpongporn, CEO (right).

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Fraction, a Hong Kong and Bangkok based fintech startup, announced that it has secured US$3 million in a pre-series A round led by East Ventures, with participation from Emtek Group (Grab, Bukalapak), Thakral Limited, V Ventures, and a group of regional investors.

The raise follows its award of Thailand’s ICO Portal License (subject to activation approval) from the Securities and Exchange Commission of Thailand (SEC) and the announced plans to offer fractionalized ownership in some of Thailand’s most iconic real estate assets in Q1 2022, on their end-to-end fractional ownership platform, powered by NFT’s and blockchain.

In order to revolutionize and democratize access to investments and capital for millions of people who are currently locked out of these wealth-generating activities, Fraction will use the funds to carry out its announced plans to launch the first fractional real estate offerings, as well as to accelerate growth into multiple asset classes, services, and jurisdictions.

Eka Nirapathpongporn, Co-Founder and CEO of Fraction and former Managing Director and Partner at Lazard, a New York-based global financial advisory and asset management firm, said breaking down barriers and ensuring that everyone has equitable access to wealth-creation possibilities has become a critical worldwide issue.

Fraction is proud to be the first to create an NFT and distributed ledger solution for managing multi-asset fractional ownership based on the Ethereum blockchain.

We can now enable true financial inclusion letting small investors participate in attractive asset classes that were previously inaccessible,” Nirapathpongporn added.

The growth opportunity for Fraction is huge as real estate tokenization alone is estimated to be an $80 trillion market, according to the announcement.

Willson Cuaca, Co-Founder and Managing Partner of East Ventures, said they are thrilled to be part of Fraction’s mission to make capital investments, which are previously reserved for the chosen few, accessible to the public.

Shaun Sales, Fraction Co-Founder and CTO said the latest funding will enable them to continue bridging the world of traditional finance with the digital finance revolution, and the creation of completely new capital markets which will have a meaningful impact on millions of people.

Besides high-profile Pre A investors, Fraction has received seed funding from a number of well-known names in the traditional finance and tech industries, including SINGHA Ventures, Tanarra Capital of John Wylie, and Skystar Capital of Indonesia.

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