back Back

Archax completes the $1.5m funding raise for Montis Digital

By Joy Dumasia

October 22, 2021

  • Archax
  • Asset Management
  • Digital assets
Share

Archax, the only UK regulated and registered digital securities exchange, broker and custodian, announced that it has completed the first fundraise on its Primary Issuance Platform working with DLA Piper. The oversubscribed round of $1.5m was conducted for its recently announced Montis Digital subsidiary, building blockchain-based market infrastructure for the post-trade ecosystem.

The raise was completed in the context of a wider digitalisation and regulatory compliance project within the FCA’s Innovation Sandbox as part of their Cohort 6. This forms a key part of Archax’s drive to build regulated post-trade services that fully support digital asset processing.

Participants in the raise were onboarded through the Archax website portal. Their holdings were then maintained and recorded in the Archax regulated custody service to be ready for and prove the journey to future digital token issuance. The DLA Piper regulatory compliance platform was also used to automate and assess the regulatory requirements applicable to the raise and create the required legal documents for participating in a digital issuance.

Also, the party to the raise was US broker/dealer GB Capital Markets Inc. acting as placement agent for US investor participants. GB Capital Markets Inc. is a private placement broker-dealer that assists in debt, equity, and digital asset financing arrangements on behalf of its clients.

Graham Rodford, CEO of Archax, said: “In the run-up to our full digital exchange launch, we are proving concepts and testing parts of our platform in advance. Being able to help firms raise capital in as efficient and automated way as possible is a key part of our planned service. Completing this raise alongside leading law firm DLA Piper and working within the FCA Sandbox highlights our capabilities prior to go-live.”

Previous Article

October 22, 2021

Cynergy Bank lends a total of £317m through the CBILS

Read More
Next Article

October 22, 2021

The BluePallet marketplace is now open to Alibaba.com

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

Archax

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 10, 2024

France Active taps Clearwater Analytics to power its Investment Accounting Operations

Read More

April 04, 2024

Namdev Finvest raises $19m in Pre-Series C funding round

Read More

April 04, 2024

Endavu taps Neonomics to scale investment app via open banking

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023