License from FSA
The company has obtained an investment firm licence from the Estonian Financial Supervision Authority (FSA). As per reports, it has currently paused its European service until 4th January for a transition period. However, companies outside the EEA region will continue to be served either by Funderbeam Markets Ltd (UK) or Funderbeam Markets Pte Ltd (Singapore), the firm said.
According to the founder and CEO of Funderbeam, Kaidi Ruusalepp, “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.”
“The process took the form of a highly constructive dialogue, with an open mindset, matching Estonia’s reputation as a highly progressive digital society,” adds Ruusalepp.
Everything about Funderbeam
Funderbeam was founded in 2013 and is led by Kaidi Ruusalepp, a former CEO of Nasdaq Tallinn Stock Exchange and Central Securities Depository.
The global funding and trading platform works with the mission to shake up traditional models of funding and trading of private companies. It claims to connect a diverse investor network with highly vetted growth companies across international markets and, through its Marketplace, allows private investments to be traded.
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.
The company serves investors from 134 countries and companies from Europe and Asia. To date, it has traded more than $8M (approx €6.5M) worth of investments on its exchange and exceeded the monthly trading volume of €1M in November, claims the company.
Funderbeam has offices in London, Singapore, Copenhagen, Tallinn and Zagreb.