LeapRate Exclusive… LeapRate has learned via a series of regulatory filings that FCA regulated social trading and CFDs broker Ayondo has raised more than £2.7 million (USD $3.4 million) ahead of the company’s planned IPO on the Singapore Exchange (SGX).
Ayondo raised the money from existing shareholders, in a series of transactions between September 30 and November 24.
We understand from people close to the situation that Ayondo raised the money mainly as a regulatory cushion, to provide more capital for the company as it continues to grow. We reported recently that Ayondo has acquired Singapore investor education app TradeHero for an undisclosed amount. Ayondo doubled its Revenues last year to £7.3 million.
Ayondo first reported its plans to go public on the SGX, via a reverse takeover of an already-listed company, back in April. No deal has been completed yet.