Futu Securities Completes Series C Financing; Led by Internet Giant Tencent
Futu Securities, an online brokerage platform, announced today that it just raised millions of dollars in its Series C round of funding led by Tencent with participation from Matrix Partners China and Sequoia Capital China.
As a pioneer in the online brokerage business, Futu said it started to utilize new technology to redefine the Hong Kong online brokerage business as early as 2012. After five years of research and implementation, the company has received a brokerage license in Hong Kong and developed the architecture for an interactive online brokerage system that supports everyone's investment and economic needs.
The system aims to tackle all the shortcomings and difficulties that traditional brokerage accounts have, for example, delays in funds deposit and withdrawal, lack of live trading data, etc.
The Shenzhen-based company said it has designed and built a web-based consumer-oriented intelligent full-service trading platform called Futu Niu Niu. It has been updated with over 52 versions in 2016, adding 1,298 new functions into the software/app.
At present, the number of Futu Securities' active users exceeds 3.4 million, and the cumulative transaction volume has exceeded HK$500 billion of which the annual transaction volume in 2016 was nearly HK$300 billion.