Recur Club gets US$30M in seed funding; RockX nabs US$6M in series A financing led by Amber


Singapore-headquartered fintech Recur Club said it had received US$30 million (S$40.9 million) in seed funding to scale up its financing platform across India and the Asia-Pacific.

The funding is a combination of equity and debt allocations from India’s Info Edge Ventures, the Silicon Valley-backed Village Global, Titan Capital, and other investors.

Recur Club provides financing to start-ups so they can transform predictable recurring revenue streams into upfront capital without diluting their equity.

Recur Club co-chief executive Abhinav Sherwal said the funds would be used to invest in technology and “scale our platform to unlock fast, flexible and hassle-free growth capital without dilution”.

Founded just a year ago, Recur Club went live in August 2021 and has been seeing rapid growth in the first three months of 2022.

Recur Club’s financing model offers start-ups an alternative to venture capital, providing a fast turnaround with attractive rates. Their platform uses artificial intelligence (AI) to leverage data about the more than 500 start-ups now on its books to evaluate their metrics and establish a ‘grade’ for each company, thus setting individual subscription fees and serving as a guide for future investors.

In another fintech funding round, Singapore-based crypto staking provider RockX raised US$6 million (S$8.2 million) in Series A funding, valuing the blockchain tech start-up at US$30 million (S$40.9 million).

The Series A round was led by digital asset platform Amber Group, and involved crypto space investors Matrixport, Primitive Ventures, FBG Capital, IMO Ventures, Alpha CW, Megastake, and Draper Dragon.

Founded in 2019, RockX is a crypto staking platform that targets institutional and high-net-worth individuals. With expertise in crypto mining, staking, protocol research, and infrastructure design, the fintech now has just under US$1 billion (S$1.36 billion) in assets under management.

RockX in a statement said that its partnerships with crucial protocols such as Lido and have also put the company at the forefront of innovation in staking.

Among the investors in RockX, Matrixport co-founder John Ge said there was unrivalled potential for growth in the space, while Amber Group chief executive Michael Wu said immense value was being generated by RockX’s groundbreaking approach to staking protocols.

Staking is a high-risk strategy that allows users to hold crypto tokens in a digital wallet and take part in a proof-of-stake (PoS)-based blockchain, whereby users can earn rewards.