The FSA has issued Funderbeam an investment firm licence which is effective from today.
Funderbeam continues to maintain an active regulatory authorisation in the United Kingdom, where its regulated entity acted as a service provider to the European market up until the end of the Brexit transition period. Companies outside the EEA region will continue to be served either by Funderbeam Markets Ltd (UK) or Funderbeam Markets Pte Ltd (Singapore).
According to the founder and CEO of Funderbeam, Kaidi Ruusalepp, Estonia was the obvious logical choice of regulatory jurisdiction for an innovative fintech with a strong presence in the country. “As most of our present business is in the EEA, we needed an appropriate licence to continue operations in the region following the end of the Brexit transition period. After having analysed several potential jurisdictions, Funderbeam chose to apply for a licence in Estonia, which is known for its digital-focused culture and innovative mindset. Herewith, I express my gratitude to the Estonian Financial Supervision Authority for dealing with our application in the most professional way. The process took the form of a highly constructive dialogue, with an open mindset, matching Estonia’s reputation as a highly progressive digital society,” she said.
Funderbeam serves investors from 134 countries and companies from Europe and Asia. To date, it has traded more than $8M worth of investments on its exchange and exceeded the monthly trading volume of €1M in November. Funderbeam Marketplace offers live and direct auto-match trading, allowing buyers and sellers to interact 24/7, 365 days a year without the need for brokers or other third parties. Trade settlement is revolutionised with a T+10 minutes cycle offered uninterruptedly. Funderbeam Venture Index that reflects assets listed on Marketplace has grown from 1 300 points to 1 884 points or around 45% in the last six months.