FINTECH company Fomo Group – which owns mobile payments platform Fomo Pay – has acquired private capital platform CapBridge and private securities exchange 1exchange.

The deal is part of Singapore-based Fomo’s strategy to drive growth by providing a full suite of solutions to its existing clients and bringing new clients into the ecosystem, it said on Monday (Aug 7).

Along with the acquisition, the group has also secured a Capital Markets Services licence and a Recognised Market Operator licence in Singapore.

According to Accounting and Corporate Regulatory Authority filings seen by The Business Times (BT), Fomo on Aug 3 acquired 13.9 million shares in CapBridge and 11.7 million shares in 1exchange.

As at Aug 3, CapBridge also owns 344,658 shares in Fomo.

CapBridge has 14.8 million ordinary shares and 1.1 million preference shares in issue, while 1exchange has 12.4 million ordinary shares and 2.2 million preference shares in issue.

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Fomo has 10.3 million ordinary shares and 948,904 preference shares in issue.

CapBridge was set up in 2015 as a primary capital raising platform for private companies, backed by the Singapore Exchange (SGX). It offers accessibility to capital markets products, including securities, collective investment schemes and custody solutions.

In 2017, SGX – through its subsidiary Asian Gateway Investments – also acquired a 10 per cent stake in CapBridge Platform, a subsidiary of CapBridge.

CapBridge Platform operates 1exchange, which is the Republic’s first regulated private securities exchange that allows the primary and secondary trading of private companies’ securities and structured products by accredited and institutional investors.

In response to queries from BT, SGX has confirmed that it has not exited the two companies.

The acquisition will result in Fomo Group owning three financial institutions – Fomo Pay, CapBridge and 1exchange – that operate independently of one another.

CapBridge Financial chief executive Johnson Chen expects the acquisitions will result in a new enlarged, integrated and regulated ecosystem that can improve accessibility, transparency and efficiency for companies seeking liquidity solutions, as well as investors searching for opportunities in the capital markets.

Noting CapBridge and 1exchange’s track record and their strategic investors, Fomo Group chairman Louis Liu added: “The acquisition empowers us to forge a fully integrated financial service ecosystem, offering our clients a comprehensive suite of value-added products.”