Ghanaian fintech SecondSTAX (Secondary Securities Trading and Aggregation eXchange) has announced it has raised $1.6 million in pre-seed funding from private investors and venture capital firms, including LoftyInc Capital and STEMeIn.
The company which officially launched publicly on 21st September will use the capital raised to expand to other countries by the end of the year.
SecondSTAX allows users to trade debt and equity securities on other African bond and stock exchanges.
The company, launched by Eugene Tawiah (CEO) and Duke Lartey, allows broker-dealers, asset managers, pension funds, and institutional investors to access markets outside their home country. SecondSTAX will also allow investment firms to hold assets in multiple currencies.
The company plans to expand into capital markets in Ghana, Kenya, Nigeria, South Africa, Morocco, and Egypt.
Currently, the company is launching in Ghana and Kenya where users will can process market orders for stocks across Ghanaian and Kenyan exchanges as well as conduct cross-border transactions within both capital markets via its sponsoring broker partnerships