STACS raises $3.6 million USD in pre-series A funding round

By Leandra Monteiro

Singapore-based FinTech Hashstacs Pte Ltd (STACS) announced it has raised $3.6 million USD in pre-Series A funding. This brings its funding to S$8 million to date. STACS develops blockchain platforms that can work with financial institutions’ existing infrastructure. Additionally its core technology is also used in GreenSTACS for environmental, social and governance (ESG) investments. STACS also allows clients to integrate payment platforms, trading platforms and external software like user management systems, while enabling smart contracts and digital ledgers.

The funding round was led by Wavemaker Partners, which works with enterprise and deep tech companies in Southeast Asia, with participation from the Tribe Accelerator, a program for blockchain start-ups backed by the Singaporean government. According to media reports, Benjamin Soh, co-founder and managing director of STACS, said that the FinTech is planning on using half the raised funds for scaling the team, such as hiring for tech, engineering and business development roles.

Also, recently STACS had announced collaborations with leading institutions like Deutsche Bank, BNP Paribas, Eastspring Investments, Bursa Malaysia, EFG Bank, and Bluecell Intelligence.

According to media reports, Ray Ferguson, Chairman at STACS said, “In Europe, about 6 per cent of trades fail to settle, resulting in €35 billion in penalties annually. This is all wastage – wasted time, wasted money, wasted carbon footprints – that we at STACS are committed to addressing through our distributed ledger technology. Innovating our way out of these problems is vital if we are to deliver a green and sustainable future for financial services.”

STACS provides a Green Finance and Environmental, Social, and Governance (ESG)-enabling infrastructure that aims to lead the way forward by digitalizing assets and processes. STACS aims to empower financial institutions to unlock massive value and discover new opportunities through its technology.