Tencent leads $60m round for Hong Kong online brokerage
Tencent Holdings has led a Series B round of funding worth $60 million for Hong Kong-based online brokerage Futu5.com, with participation from Matrix Partners and Sequoia Capital.
Futu5 is a Hong Kong-registered securities broker focused on the Hong Kong, US and China A-share markets. Founded two years ago, it has accumulated 300,000 customers and generated more than HK$100 billion ($12.9 billion) in turnover. Monthly turnover is now around HK$20 billion.
The company claims to have the fastest market response speed of any Hong Kong-based trading system, executing orders placed to the local exchange in 0.003 seconds, according to an article posted on the Futu5 website.
Tencent led Futu5's Series A round in April of last year, putting in $10 million alongside Sequoia.
The latest capital injection will go towards research and development and the introduction of margin trading services for the Hong Kong and US markets. It will also work with Tencent on cloud-based services that can improve the security and efficiency of the Futu5 platform.
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